Three companies have asked the State Treasury to extend the deadline for the submission of tenders for the purchase of shares in Lotos Group, which the government announced would be privatised this year.

Treasury Minister Aleksander Grad announced on Thursday that foreign companies are in the offing to submit tenders for one of Poland’s largest refiners, adding that “there have questions from the Russian side.”

Asked on whether an investor would be announced by the end of this year or at the beginning of 2012, Grad said that “it all depends on the initial offers.”

Investors have been invited to negotiations on the purchase of 53 percent of stocks in Lotos Group. While the original date for the tender submissions was set for 18 March, the State Treasury has now given investors until 29 April.

The State Treasury is to announce its decision on 13 May as to the investors’ tenders.

Lotos Group is Poland’s second largest refiner after PKN Orlen, and is 53 percent owned by the State Treasury. (jb)

Source: PAP