Shell mulls sale of stake in Czech refiner – paper
Oil group Royal Dutch Shell is mulling a sale of its 16.3% stake in Czech refiner Ceska Rafinerska, majority-owned by refiner Unipetrol, a Czech newspaper reported on Friday.
Citing unnamed market sources, daily Hospodarske Noviny said Unipetrol, Italy’s Agip and Russia’s LUKoil are among potential bidders for the stake which analysts estimate to be worth between €200 million ($310.6 million) and 250 million. “We are consistent in saying that should Shell want to sell its stake in Ceska Rafinerska, we would be interested,” said Radek Nemecek, head of investor relations for Unipetrol. Raising its stake in the refiner is seen by analysts as key for Unipetrol, whose earnings have been squeezed by pressured petrochemical margins amid rising oil prices.
Unipetrol is controlled by Polish refiner PKN Orlen. Citing the Czech industry and trade minister, the daily wrote the government does not favor an entry of Russian investors into the strategic oil industry and could push a state-owned company to buy the stake if necessary. Shell did not confirm it intends to sell its stake in the Czech firm, the daily said. (Reuters)
ADVERTISEMENT
SMEs Augur Higher Sales, Profit Next Year
Hungary Open to New Double Taxation Avoidance Treaty With U....
Hungarian-born Physicist Ferenc Krausz Shares Nobel Prize
Summer Tourism Season Breaks Pre-COVID Record
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
