The Ministry of the Treasury is looking for the investor for Lotos, the second largest oil company in Poland. Meanwhile, Lotos aims at record profits.
- This year we expect the net profit of 1 bln PLN (over 250 mln euro) – when Pawel Olechnowicz, the chief executive officer of Lotos, said these words, the share price of his company listed at Warsaw Stock Exchange jumped by over 6 percent. Its market value has exceeded 1,3 bln euro. Statement came at a critical time – starting from today, January 31st, investors interested in taking over the fuel company may apply to the Polish Ministry of the Treasury for the memorandum. It means that actual privatization of Lotos has been launched.
Listed among the 20 largest companies at Warsaw Stock Exchange, Lotos covers one-third of the Polish market and has just signed new contracts for larger supplies to international giants such as Shell, Statoil and BP. They buy fuel from Lotos in order to sell it further in the Polish retail market. Lotos has recently enlarged the refinery in Gdansk and this year intends to use the maximum of its capacity to convert 10 mln tons of oil. in the retail business it’s not a strong player though – company operates only c.a. 320 gas stations but aims to develop 130 more within the next 5 years (mainly through the establishment of a new, economic branch). In January Lotos Norge, Lotos’ subsidiary, received 25 percent share in the concession for exploration and extraction of oil from the Norwegian Continental Shelf. First seismic surveys are scheduled in the mid-2011.
From today on, investors interested in overtaking Lotos are invited to the Polish Ministry of the Treasury to pick the memorandum. They can submit their bids until March 18th. The Polish government wants Lotos to be acquired by a corporation experienced in crude oil extraction. Among those interested there are Russian companies: Rostneft and Gazprom Gaz consider a joint bid and – according to the Russian media – they may establish a consortium with one of the Western oil companies.
photos: www.lotos.pl
(nh)
