One step closer toward privatisation of Poland’s chemical plants

Nafta Polska, a state-owned company set up to handle the privatisation of the Polish oil industry and of major chemical plants, has launched the privatisation of the first group of chemical plants including: Ciech, chemicals manufacturer and exporter and Tarnow and Kedzierzyn nitric plants.

According to the government privatization plant, the companies are to be privatized by the end of this year.

The boards of Ciech, Tarnów and Kędzierzyn plants are to present the financial situation and investment strategies of their companies to potential investors from the short-list this week, Adam Leszkiewicz, deputy Treasury Minister, told the Polish News Agency (PAP).
‘Investors interested in the privatisation of the first group of chemical plants have scheduled meetings this week with the boards of Ciech, Tarnów and Kędzierzyn plants, which will present their financial situation and strategy’ Leszkiewicz said.

The six short-listed companies are: an American private equity investment fund Bain Capital Ltd; a consortium of a British investment fund Cinven Ltd and an international advisory company Kolaja & Partners Ltd; private fund NQI (National Qatar Industries Company), specialized in oil, gas and petrochemical investments; German capital group PCC SE; Lithuanian UAB Achema Group and capital group I Fund Mistral SA.
Polish Treasury prefers to sell all three companies to one investor by the end of 2009. However, the companies may be sold separately.

Treasury-owned Nafta Polska company was authorized to sell 36.68% stake in Ciech. Bidders interested in purchasing Treasury’s joint stock in Tarnów (52.56%) and Kędzierzyn Koźle (86.28%) Nitric Plants were invited to place their offers. Through selling shares in the three companies together, the Treasury intends to lead to their consolidation, wnp.pl reports.

Polish Market

ECONOMIC MONITOR

download pdf

• Debate on the 2010 budget bill began in Poland in September. It was preceded by the adoption of amendments to the 2009 budget law and the release by the Central Statistical Office (GUS) of the GDP growth estimate for the second quarter of 2009. Poland is the only EU-27 country to register a positive GDP growth in the second quarter.
read more »

• Research on innovation activity shows that the share of businesses which introduced product or process innovations – new or significantly improved products or processes - in 2006-2008 was lower than in the previous period; in industry the share of such businesses was 21.3% and in the service sector 15.6%.
read more »

• On the Warsaw Stock Exchange, stock prices were very volatile in September. At the end of the month, the WIG-20 blue-chip index and the WIG broad-market index were higher than at the end of December 2008 by respectively 22.50 pct. points and 38.02 pct. points.
read more »

• GUS, NBP: In July the balance on the current account was negative at EUR-565 million against EUR-972 million in July last year, which represented an improvement by EUR407 million.
read more »

• At the end of August 2009 the registered unemployment rate (claimant count rate) was at the July level of 10.8%. Employment in the corporate sector was by 2.2% lower than in August 2008.
read more »

• In the eight months to the end of August 2009 budget revenue amounted to PLN183.4 billion, compared with the PLN272.9 billion planned under the amended 2009 budget law and PLN303.0 billion planned initially.
read more »

PODCAST

• Unconventional natural gas – Poland’s secret weapon

• Shock and outrage at Warsaw underground ‘saucy sheep’ mural

• Gdansk reinvents Elizabethan theatre tradition

• Poland kicks off Chopin Year

• David Lynch spearheads urban revitalisation of Polish city

• Can Poland continue to outpace the rest of Europe in economic growth?

WEEKLY MARKET ANALYSIS

Economic growth slows to 1.7% in 2009
Poland’s GDP growth slowed in 2009 to 1.7% from 5.0% in 2008. The figure was in line with our expectations and slightly higher than the market consensus. In Q4 the growth rate reached 2.9%-3.2% and was much higher than in the previous three quarters.

MARKET INFO

Sign up to comment on articles or receive newsletter
E-mail
Password