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Naftobazy to takeover Orlen's logistics before sale?

Nafta Polska (NP), the body responsible for privatizing the oil sector, has come up with a concept of transferring part of PKN Orlen into Naftobazy, according to which the Plock-based concern might give its logistics assets to the national liquid fuel despot company, Naftobazy, and take over 14% of their shares.

Orlen did not rule out such a possibility, but it has a few of its own ideas.

At present Dutch Vopak is conducting due diligence on Naftobazy and has exclusive rights to conclude these by July 20.

If NP's concept would be accepted, then Vopak would control 51% of the company, and NP and PKN - 35% and 14% respectively.

"NP and Naftobazy realized that it would be impossible to effectively privatize the fuel depots without including the logistics assets and Orlen's purchasing power," said laconically deputy president of Orlen Slawomir Golonka.

(WBJ 16.vi.03)

 
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