News Parkiet

Petrochemicals

Nafta Polska seeks new mission

Government petrochemicals industry privatization agency Nafta Polska may try to reinvent itself to prevent its liquidation after it sells most of its remaining assets. Sources close to the situation say in addition to the existing privatization sale and restructuring unit, Nafta also plans to expand into oil industry consulting services, oil exploration and monitoring threats to oil supply for Polish refineries as well as logistics. Nafta, which formally owns 17 percent of PKN Orlen oil group worth over a billion dollars, has more than 100 million zloty in cash at the bank. It will receive almost 120 million zloty in dividends from Orlen later this year.

Several weeks ago Treasury Ministry told Nafta's managers they will be laid off and rehired at new terms.

Financial services

Raiffeisen Leasing reports 2004 earnings

Poland's no. 2 leasing company, Raiffeisen group's Raiffeisen Leasing Polska posted fiscal 2004 earnings that were 41 percent higher than previous year's figures. RLP reported profits of 37.1 million zloty ($11.9 million). The company rented out new cars and other assets worth as much as 1.4 billion zloty. Market share of Raiffeisen Leasing Polska rose to more than 10 percent.

New media

Creditors' list back at Wirtualna Polska

Bankruptcy administrator of Wirtualna Polska, Poland's second most popular Internet directory, says he has received initial list of creditors claiming part of company's assets from a local court. Wojciech Reguła, who was appointed by the court to manage Wirtualna after it went bankrupt early last year has recognized creditors' claims totaling 6 million zloty. Wirtualna's business partners, including one of its co-founders are demanding as much as 160 million zloty. Acceptance of final creditors' list will pave the way for a vote by creditors who will vote on company's debt reduction proposals.