In a press interview yesterday, the CEO of Lotos stated that he expects the AGM in June to vote on a new strategy until 2010, with a special focus on the upstream and retail strategy. Regarding the PKRT project, Mr. Olechnowitz announced that Lotos is going to choose the construction company in the autumn of 2006 and the new factories could go on stream in 2H2009. This comment on the launch date could have some significance, as Lotos previously announced mid-2009 as the planned starting date but indicated that a potential change in the financing could make the investment period shorter, allowing the company to start production in the new units in early 2009. At the moment, we cannot determine whether this mention of 2H2009 really means some delay compared to the original schedule, or whether the press cited the CEO imprecisely. We maintain our buy recommendation on the stock.