PKN Orlen ready for a buy out at AB Mažeikių nafta refinery

Date

2008 12 19

Rating
1

At the meeting with Mr. Dariusz Jacek Krawiec, President of the Management Board of PKN ORLEN which has AB Mažeikių nafta in its group of companies, Prime Minister Andrius Kubilius discussed a possibility of selling out 9.98 % of the refinery shares held by the Government. According to Prime Minister Andrius Kubilius, the buy-out proposal to the Polish Government should follow shortly, possibly right after the Christmas.
PKN Orlen enjoys the priority right as regards the buy-out of Government-held share, and according to Dariusz Jacek Krawiec, is ready to immediately act on it.
The Government intends to reserve some leverage on the refinery and to ensure that in case PKN Orlen decides to sell Mažeikių nafta, the decision shall be coordinated with the Lithuanian Government.
PKN Orlen is also interested in Klaipėdos nafta shares. The Polish company would like to own at least part of Klaipėdos nafta shares. This was also discussed during the meeting. According to Prime Minister Kubilius, two options are being considered: a possibility to sell a small share of Klaipėdos nafta to the Polish company, with the right to participate in the company management, or to sell a large share. To this end, a working group is going to be set up in the short run.