President Kaczynski has signed the bill on biofuel use in Poland, which would come into effect as of January 1st 2007. Meanwhile, signing a regulation on quality requirements for biofuels by Economy Minister is still pending.
Our view:
President’s signature ends the legislative process on the new biofuel bill. However, the long overdue secondary regulation setting the quality standards for biofuels is still missing. Nevertheless, we view the news as positive and expect a positive price impact. We reiterate our Buy rating for ElstarOils.