PKN CEO Z. Wrobel said yesterday it wants to cooperate with the IOC consortium (Agip, Shell and Conoco), which holds a 49% stake in Ceska rafinerska, Unipetrol's 51%-owned subsidiary. Recall that IOC has an option to buy the rest of Cra when majority ownership of Unipetrol changes.
This rather vague statement is unsurprising, given the complex relations and links among the IOC, Cra, Unipetrol and its subsidiaries.
Separately, Unipetrol’s major subsidiaries released their Q1 2004 CAS results yesterday. Overall, the figures stood below our estimates, mostly at the bottom-line level due to the development in a refining/retail segment and despite positive development in Chemopetrol and Spolana.
Jan Hajek