March 1, 2012 / 6:02 PM / 6 years ago

Poland abandons Lotos sale for at least 2 yrs

WARSAW, March 1 (Reuters) - The Polish Treasury has scrapped plans to sell its controlling stake in the country’s second-biggest refiner Lotos this year or next, Treasury Minister Mikolaj Budzanowski said on Thursday.

The privatisation process started last year, but the effort came to nothing, with analysts blaming the company’s falling margins and indebtedness, along with difficult market conditions.

“There is no way back nor idea for another Lotos privatisation, and in 2012-2013 the company won’t be put up for sale,” Budzanowski told a parliament.

Earlier analysts had speculated that Warsaw could revive plans to tie it up with Poland’s largest refiner, partly state-owned PKN Orlen. The treasury also considered floating the stake on the Warsaw bourse.

Poland holds a 53 percent stake in Lotos.

For Polish privatisation plans click (Reporting by Marcin Goettig, Writing by Dagmara Leszkowicz; Editing by Will Waterman)

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