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Poland may revisit idea of PKN/Lotos merger – paper

  Poland will decide within three months whether to return to the idea of combining the country’s two main refiners, PKN Orlen and Lotos, an adviser to the prime minister was quoted as saying on Thursday.

Polish governments have previously considered pushing for a tie-up between the two state-owned companies to create a national champion, but a tie-up is not currently part of the current centre-right government’s official strategy for the sector.

“It absolutely cannot be said that there are plans to combine the two refineries or any other ownership changes in oil-related companies,” Maciej Wozniak, an adviser on energy security to the prime minister was quoted as saying by daily Gazeta Prawna.

“These kinds of actions require some sort of an analysis, which we are currently starting,” he said, and which would be complete by the end of May.

A merger of PKN and Lotos would create Poland’s dominant refiner and petrol retailer, with a market capitalization of some $3 billion. (Reuters)