The further privatization of Gdańsk-based refiner Lotos Group will only be possible if the Treasury is able to retain a controlling stake, which is at least 33 percent of the company’s shares, deputy PM and Economy Minister Waldemar Pawlak said. Lotos is considered a strategic asset from the perspective of Poland’s energy security.

The Treasury currently controls 53 percent of shares in Lotos. However, Mr Pawlak said the oil sector privatization program may change and more shares may be put up for sale.

“Lotos is rather important in the whole system from the oil supply point of view, because of its geographical location,” Mr Pawlak said. “Often the consequences of particular privatization decisions aren’t looked at, and in certain cases they require decisions based not only on a single budget year,” he added.

The Treasury had previously made suggestions about privatizing the entire company.

Source: Poland AM