Polish State-Owned PERN Takes Control Of Naftoport Oil Terminal

Pern - Poland's treasury minister Jacek Socha on Friday announced that the government has completed a transaction giving a controlling stake in Naftoport Limited, which operates oil terminals in Gdansk, to the state-owned pipeline operator PERN.

Shares in Naftoport were redistributed to give PERN Przyjazn a 67.94 percent stake in the oil terminal company, Socha told reporters. Having a controlling stake in Naftoport gives Poland the possibility of having "alternative oil supply sources" to Russia, which currently supplies 97 percent of the country's needs for oil and petroleum products, Socha said. Last month, oil marketer and refiner PKN Orlen said that the crude oil broker Petroval had not been supplied by the ailing Russian oil giant Yukos. Yukos faces the prospect of bankruptcy in what some observers say is a politically charged campaign by Moscow to reclaim back taxes. The remaining shares in Naftoport are owned by PKN Orlen (17.95 pc), Poland's and central Europe's largest refiner of crude oil and marketer of petroleum products; the refining and distribution company Lotos (8.79 pc), the cargo handling and storage company Port Polnocny (3.85 pc) and Cyprus-based J and S (1.28 percent), which handles the logistics of transporting crude oil. Naftoport is valued at around 200 million zlotys (50 million euros), Socha said. The transfer of shares has yet to be approved by the competition and monopolies office in Poland. PIN//AFP
News ID 44414

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