Poland's state-controlled companies Grupa Lotos SA (LTS.WA) and Grupa Azoty SA (ATT.WA) want to build a 12 billion zloty ($3.9 billion) petrochemical plant as part of the government's plan to strengthen national champions.
Poland's state-controlled
companies Grupa Lotos SA (LTS.WA) and Grupa Azoty SA (ATT.WA) want to build a
12 billion zloty ($3.9 billion) petrochemical plant as part of the government's
plan to strengthen national champions.
Despite years of privatization, the Polish government still plays a major role
in a number of industries, controlling companies ranging from mining to
refining to airlines.
Seeking ways to give the economy a boost, the government has turned away from
its pre-crisis declarations of continuing asset sales while keeping only a
handful of companies it sees as strategic. It has adopted a more hands-on
approach that focuses on strengthening the state companies it still has and
using them to start new projects, mostly in heavy industries.
The two companies, Lotos and Azoty, signed a deal Tuesday to conduct a
feasibility study for a petrochemical plant to be located near Lotos' refinery
with the chemical group Azoty the main customer.
The companies have up to PLN750 million tentatively available in financing from
the government's investment vehicle, Polskie Inwestycje Rozwojowe.
"I am very pleased with this project," Treasury Minister Wojciech
Karpinski said after the signing ceremony. "It clearly fits what I've been
promoting for last six months--building synergies between our national
champions in order to strengthen their position and allow an international
reach."
Polish industrial heavyweights have tried to cooperate with each other. Power
utility Tauron Polska Energia SA (TPE.WA) and gas firm PGNiG SA (PGN.WA) are on
track with their plan to jointly build a gas-fired plant in Stalowa Wola. But
some other state-controlled companies have dropped similar plans in other
locations.
Last year Prime Minister Donald Tusk said the government wants the corporate
sector to increase its investment drive, making up for weak public investments
in the face of public spending limits.
In order to make financing of such ventures easier, the government set up the
PIR investment vehicle, which has only signed one financing deal--with the
Lotos refinery.
The Polish government recently ordered the country's largest power utility,
Polska Grupa Energetyczna SA (PGE.WA), to go ahead with a PLN11.5 billion
coal-fired power plant despite concerns by the company's management that the
project would not be profitable.
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