Mol potential bidder for Grupa Lotos
Thursday, July 7, 2005, 16:38
Hungarian oil company Mol Rt is sure to bid for purchasing a majority stake in Polish oil company Grupa Lotos, business daily Világgazdaság reported. Four years ago Mol lost out against Rotch Energy in the privatization tender over the company then called Rafineria Gdanska, but then the winner failed to agree with the state for political reasons. Being located in Gdansk, Grupa Lotos would serve as a perfect complement since at present Mol can cover only southern Poland from its Bratislava refinery. The other eager buyer is the largest Polish oil company PKN Orlen but the state fears that a national giant would have higher fuel prices due to lack of competition. Neither is the state enthusiastic about Mol probably becoming the first of equals in the potential merger.