20.05.2008

Government to consider selling stakes in Palimir, Naftan industrial giants 5

13:34, — Economics

The Belarusian State Petrochemical Industry Concern (Belnaftakhim) plans to submit a proposal for selling stakes in the Palimir chemical company and the Naftan oil refinery to the cabinet before the end of this year, Mikhail Asipenka, deputy chairman of the state conglomerate, told reporters in Minsk on May 20, BelaPAN said.

Both state-owned companies are located in Navapolatsk in northern Belarus.

The official said that stakes in the enterprises would be sold to one investor. “We consider it expedient to view Palimir and Naftan as a whole as these companies were built for each other to a certain extent,” he said.

Mr. Asipenka noted that the two enterprises would be merged before their privatization.

He acknowledged that investors were more interested in Naftan than Palimir.

The official said that both enterprises would have their value appraised by international experts.

Naftan currently needs $600 million and Palimir three times as much for modernizing their facilities.

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