Ceska rafinerska and Chemopetrol signed new supply contracts yesterday

Ceska rafinerska and Chemopetrol (Unipetrol’s two largest subsidiaries) signed new supply contracts yesterday, securing supply terms until the end of this year. As of the beginning of 2003, Ceska rafinerska will become a cost centre instead of profit center, supplying its two owners, Unipetrol and IOC consortium.

The issue of supply terms between Ceska rafinerska and Chemopetrol was complicating the situation in the holding from the beginning of 2002, and was affecting Unipetrol privatization. We expect that the political pressure on Agrofert, the Unipetrol privatization tender winner, to complete the privatization will increase now.

Separately, Agrofert said it had delivered required documents toward the transaction to the Anti-Monopoly Office, which has repeatedly claimed it cannot assess the transaction due to incomplete materials submitted by Agrofert.

Jiri Soustruznik