Ceska rafinerska (Unipetrol’s largest subsidiary) proposed that CRaf and Chemopetrol (the No. 2 subsidiary) prolong the current temporary agreement on intra-holding supply prices, valid until the end of this month, to the year-end, forgoing approval by CRaf’s shareholders, Unipetrol (51%) and the IOC consortium (Agip, Shell, Conoco at 49%). We believe, however, that without shareholder approval an agreement is unlikely to come into force. The extension of the temporary agreement is expected to be on the next CRaf EGM agenda (planned for end-July).
Separately, the Anti-Monopoly Office announced yesterday that Agrofert, the Unipetrol privatization tender winner, has still not submitted documents necessary for the AMO’s assessment of the acquisition vis-a-vis domestic competition.
(Jan Hajek)