Poland: Government Puts Off Sale of Lotos Refinery Again
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Friday, 18 November 2011 |
The Polish Government has once again extended the deadline for bids to purchase its 53% stake in the country’s second-largest refiner. The sale, originally announced in November 2010, has been delayed on four separate occasions, despite receiving bids from MOL and TNK-BP.
Opposition to the planned sale, which the Government has said is to raise funds rather than an ideological decision, has come from labour unions and the opposition Law and Justice Party. The Grupa Lotos endured a poor third quarter, posting a net loss of 328.6m zloty from profits of 1.05bn zloty in the same period last year.
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