Rafineria Gdanska Bid Will Have To Top $2.3 Billion

Lukoil, Russia's largest oil producer, and the UK's Rotch Energy Ltd. will have to offer $1.3 billion to ensure their bid for the Polish refiner Rafineria Gdanska is accepted, the daily Parkiet reported, without citing its sources.

Lukoil and Rotch, which set up partnership to bid for three quarters of Rafineria Gdanska, will have to pay $300 million for the stake and pledge to invest a further billion dollars into Poland's second largest refinery, the daily said.

The partnership, which is currently reviewing Rafineria's books, is expected to submit its offer by July 9th.

Poland picked Rotch for exclusive talks on Rafineria a year ago. A final decision was delayed when Rotch failed to provide financial guarantees for the purchase price and promised investments.

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