Poland to liquidate chemicals privatization agency Nafta Polska ASAP, minister says

Poland's agency for fuel and chemicals industry privatization and restructuring, Nafta Polska, should be liquidated as soon as possible, Treasury Minister Wojciech Jasinski told a press conference Friday.

"I wouldn't like to set any deadline but it should not take too long," Jasinski said. "The Nafta Polska management has been assayed to accelerate preparations to liquidate the agency as there is no rational reason for Nafta Polska to exist any more."

Poland's government announced plans to liquidate the agency in February 2006 as part of its drive to slim down the bureaucracy, known as "the cheap state" program. "The Ministry of the Treasury has come to the conviction that Nafta Polska is a needless and costly cell for realization of the property rights from shares held by the Ministry of the Treasury and does not provide value-added to the economy," the ministry said in February.

Fuel sector shares currently held by Nafta Polska, including those of PKN Orlen, Grupa Lotos, and fuel storage firm Naftobazy, will be passed to the State Treasury after a change in statute of Nafta Polska.

Nafta Polska has just completed the privatization of chemical firms ZCH Organika-Sarzyna and ZCH Zachem and will continue privatization of ZA Kedzierzyn and ZA Tranow-Moscice chemical plants while the liquidation process is being conducted.
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