[b]What is your opinion about the form of Polish gas and fuel companies? What is the biggest challenge for them?[/b]
Mikołaj Budzanowski: Our companies, in the capital sense, are in a difficult situation in view of high indebtedness. And their protection from the side of the state has become necessary. Polish fuel companies are in a disadvantageous situation due to a considerable decrease in oil prices in comparison to the previous year and exceptionally low margins, which were dramatically experienced by our refineries. This difficult market situation is a special challenge to Lotos, which enlarges its refinery in Gdańsk. But, on the other hand, there is a positive signal – use of fuel in Poland is increasing, which is sensational in comparison to other countries in the world.
[b]Is retained state control the only method of protecting Polish fuel companies against a hostile takeover? Would a more favourable solution be, perhaps, to find an investor? [/b]
We do not rule out such a possibility. We will select the buyer of a 13 percent stake in Lotos among either typically financial institutions or financial institutions linked with the industry. We will start talks as soon as this autumn. And by mid 2010, we want to finalise the transaction.
[b]Since the state has only a 27 stake in Orlen and the state’s interests are still sufficiently secured, perhaps a similar scenario could prove also good in Lotos? Can it find an industry-based investor, which would first purchase a 13 percent stake? [/b]
