Rotch Energy - LUKoil Consortium Intends to Invest USD 700 Million into Gdansk Petroleum Refinery

The British-Russian consortium Rotch Energy - LUKoil is ready to invest USD 500-700 million towards the development of a petroleum refinery at the Polish port of Gdansk. This was announced yesterday in the Zhechpospolita newspaper.

Last week, Rotch Energy - LUKoil officially put in a bid for the purchase of a 75% share package in the Gdansk petroleum refinery. The investment programme proposed by the consortium includes the construction of petroleum pipelines, for which USD 150 million has been allocated, the installation of modern equipment conforming to EU norms, and an increase in the volume of processed petroleum from 4 to 6 million tonnes per year.

Around 25% of the raw materials will consist of petroleum extracted in the Baltic Sea, including the Kaliningrad Shelf. The plans also include an increase in exports of fuel from Gdansk to LUKoil stations in the Baltic States and the USA. According to the Zhechpospolita newspaper, the proposals of the British-Russian consortium count upon support of the Polish state enterprise Polish Petroleum. It's possible that within a week talks will begin between the representatives of the enterprise and potential investors. But even after a positive reply from Polish Petroleum and the Ministry of State Property, the final decision will be made by the Polish Council of Ministers.

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