Polish daily Dziennink Gazeta Prawna speculates that Budimex and Spanish engineering company Tecnicas Reunidas set terms of cooperation on contracts to build new gas blocks in Poland. At the same time, Budimex’s CEO Dariusz Blocher didn’t confirm this information, though admitted that the company is working on strategic alliance with global contractor of gas power blocks. Budimex will seek to build gas units worth about PLN 2bn for Polska Grupa Energetyczna (Pomorzany, Bydgoszcz and Gorzow) and Tauron Polska Energia (Katowice), the newspaper said in addition.
Budimex lacks expertise in the power-engineering field, thus we are skeptical about the firm’s chances of winning large contracts when bidding alone. However, potential strategic alliance with experienced partner, like Tecnicas Reunidas, could increase the firm’s chances of entering the gas blocks segment over the medium term. We believe the news could have some positive impact on Budimex’s stock trading today.