Czech Press Agency reports that the IOC consortium (Agip, Royal Dutch Shell, Conoco; it holds and a 49% stake in Ceska rafinerska) is pessimistic on the matter of a long-term supply-price agreement between Ceska rafinerska and Chemopetrol (Unipetrol’s two largest subsidiaries), presently in dispute. Agreement over the supply prices seems to be a key step toward selling Unipetrol’s 51% stake in Ceska rafinerska to Conoco, which in turn seems to be a key condition for Agrofert, the Unipetrol privatization tender winner, to complete the Unipetrol privatization. Although this may support recent stock-boosting speculation about the privatization not being completed, the market’s enthusiasm should be dampened by the possible negative implications to the operating results of the companies in the holding.
Unipetrol AGM takes place today, though we do not expect the stock to be affected by any outcomes.
Unipetrol yesterday reported a 2001 consolidated IAS net profit of CZK 1.39 bil.; the market did not react since it works on the CAS standard.
(Jirří Soustružník)