Unipetrol has called its AGM for June 17, 2004
Separately, PKN Orlen commented on the planned splitting of Unipetrol. PKN intends to keep a 100% stake in Chemopetrol (the ethylene, propylene, and polyethylene producer), Unipetrol rafinerie (which runs the sales and marketing activities of Ceska rafinerska for Unipetrol), and Unipetrol Trade (another marketing unit). It intends to keep 70% in the fuel retailer Benzina and a minority stake in Paramo (a smaller refinery). According to earlier sources, PKN also wants to retain Spolana, a PVC producer.
According to reports, Agrofert is to acquire Agrobohemie (one of the smaller companies in the holding, which groups together several producers of plastics, organics, pigments, dyes, and nitrocelluloses, such as Lovochemie and Aliachem), and will also gain full control over Kaucuk (a plastics producer) and a majority stake in Paramo.
Conoco will keep a 30% share in Benzina and should also have a strong position in Ceska rafinerska (the largest domestic refinery). The situation regarding Craf still remains unclear though, considering that the IOC consortium (ConocoPhilips, Shell, Agip), holding a 49% stake in the refinery, has an option to acquire the remaining 51% owned by Unipetrol if the majority owner of the holding changes.
Source: DJ Neswires.
The privatization deal is scheduled to be completed by late September or early October.
Jan Hájek