Will the Poles sell Orlen Lietuva to the Russians?

February 2, 2010 at 6:02 pm 5 comments

The Lithuanian media announced that the Polish PKN Orlen is considering selling Orlen Lietuva refinery (former Mazeikiu Nafta) if it will fail to secure control over Klaipedos Nafta oil terminal.

According to the Polish daily Parket the most logical buyer of Orlen Lietuva would be a company from Russia.  The paper quoted Pawel Burzinski, an analyst from BZ WBK saying, ‘”The sale of Mazeikiai is a very possible development if it will emerge that PKN Orlen has failed to agree with Lithuania’s Government. The sale of Mazeikiu Nafta may be launched by the decision of the concern’s (PKN Orlen) board.”

Mr Burzinski thinks that the sell off scenario could be such that in the first stage of it some 10-30 pct of Orlen Lietuva could be offered to an investor with an option of increasing its stake to more than 50 pct.  In analysts’ opinion, then, the PKN Orlen eventually will withdraw from the shareholders of Orlen Lietuva.

Lithuania’s Government, on the other, regards the Klaipedos Nafta as a strategic object and has not intention of selling it to any other company.  According to the TV3 programme Savaites komentarai on 24 January, the Polish PKN Orlen is planning to sell Orlen Lietuva to Russia’s  Lukoil.  However, the Russians would buy Orlen Lietuva only if the company ‘Klaipedos Nafta’ is included into the ‘package’.

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Entry filed under: Central Europe, Economics, Energy, Lithuania, Northern Europe, Oil, Poland, Politics. Tags: .

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