In September, the Treasury will invite investors to purchase oil refiner, Lotos. "Whether Orlen and PGNiG will participate in the tender is up to their managements," said Mikołaj Budzanowski, Deputy Treasury Minister.

Following European Union regulations, the tender will be conducted using open and nondiscriminatory procedures. What this means is that both foreign and domestic entities will be able to participate in the privatization of Lotos.

Mr Budzianowski added, however, that the best outcome for Lotos would be an investor from the industry that has access to deposits and a distribution network.

Poland AM