Source Pravda.Ru

Unipetrol Seeks Buyer For Refining Unit

Unipetrol said that it will search for a buyer for its majority stake in the refiner Ceska Rafinerska after three international oil companies that own minority stakes declined to raise their holdings in an option that expires today.

The Royal Dutch Shell Group, Agip Petroli International and Conoco, which hold a combined forty nine percent stake in Rafinerska, said that they will not exercise an option to buy the rest of the Czech fuels producer triggered by the government's agreement to sell Unipetrol AS to chemical company Agrofert AS for 361 million euros ($339 million).

Selling the Rafinerska stake, which is valued at around $246 million according to the local press, is crucial for Agrofert to complete its takeover of the oil holding company. Conoco said it still wants to raise its stake in Rafinerska through individual talks with Agrofert, which analysts have said lacks the cash to complete the transaction.

Agrofert “has to sell (Rafinerska) to raise cash for the Unipetrol purchase because nobody would give them” a long-term loan for the entire amount, said Jan Slaby, an analyst at Wood & Co. in Prague.

Visit to

&to=http://www.unipetrol.cz/' target=_blank>UNIPETROL

Several years ago, a prominent Indonesian businessman who now resides in Canada, insisted on meeting me in a back room of one of Jakarta's posh restaurants. An avid reader of mine, he 'had something urgent to tell me', after finding out that our paths were going to be crossing in this destroyed and hopelessly polluted Indonesian capital.

Capitalism reduced Indonesian cities to infested carcases

Several years ago, a prominent Indonesian businessman who now resides in Canada, insisted on meeting me in a back room of one of Jakarta's posh restaurants. An avid reader of mine, he 'had something urgent to tell me', after finding out that our paths were going to be crossing in this destroyed and hopelessly polluted Indonesian capital.

Capitalism reduced Indonesian cities to infested carcases
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