Defence Policy

Ministry of Treasury to take over Lotos Group shares

  • Fot. NASA/JPL-Caltech/SwRI/MSSS/Jason Major

– We are prepared to take over the shares in the increased share capital. Our priority and obligation as the owner is the consistent building of State Treasury companies - said Rafał Baniak, the Vice Minister of State Treasury.

The extraordinary general meeting of Lotos Group approved the increase of the share capital through the issuance of new shares for the former shareholders.

– The project prepared by Lotos Group assumes reaching economic benefits, and it is simultaneously incorporated in the implementation of the energy security strategy. In such a way we are creating the potential of the economy and that is what is expected by shareholders of those companies in which the state has the majority shareholding - Rafał Baniak said.

The money acquired from the State Treasury owing to the issuance of shares will be allocated for the construction of delayed coking installations and the accompanying installations. Due to this investment the effectiveness of the refinery activity conducted within Lotos Group will increase through the deepening of the petroleum processing level. As a result of implementation of the investment, the low margin products manufactured in the Refinery will be mostly replaced by high margin products, desired by the European market due to the continuing deficit in the region. The decision is of business nature.
- The market economy investor test has shown that the investment of Lotos is profitable and justified in business terms, and the Minister of Treasury will act as a private investor while taking over the shares. Each project which is reflected in the extension of our access to energy raw materials or their more effective use is subject to detailed analysis in order to be able to undertake the required measures - Rafał Baniak said.

The Minister of Treasury has a possibility to increase the share capital based on resources collected in the Restructuring Fund of Entrepreneurs, which is supplied by the inflows from privatisation. Each time an entrepreneur requesting for support shall submit the application to the Ministry of Treasury, including a business plan and market economy investor test. The support is granted pursuant to the ordinance of the Minister of Treasury of 11 August 2011 concerning the support not classified as public aid.