12/09/2011: Rafineria Glimar: Owner disputes sale to Hudson Oil and seeks another investor

12/09/2011: Rafineria Glimar: Owner disputes sale to Hudson Oil and seeks another investor

The sale of Rafineria Nafty Glimar, a former Polish oil refinery, to Canada's Hudson Oil Corporation has not been finalized, reported Puls Biznesu, citing claims by the Polish entrepreneur Grzegorz Wojtaszek.

According to Wojtaszek, Hudson Oil has failed to fulfill the terms of a preliminary agreement to buy his 91.4% stake in Glimar. Wojtaszek had signed the agreement with the Canadian firm on 12 May.

Hudson Oil representative Robert Nogacki, who was also quoted in the report, insisted that the deal was sealed when Wojtaszek received a stock ownership certificate for three million shares in Hudson Oil.

Wojtaszek is now talking to an unnamed Russian investor about the sale of Glimar, Puls Biznesu wrote, citing unofficial information. According to the paper, Wojtaszek, along with Drogbud, a road construction company he owns, bought Rafineria Glimar three years ago for PLN 1m (EUR 230,000) after the company went bankrupt. Wojtaszek was planning to reopen it as an asphalt manufacturing plant, Puls Biznesu wrote. At the time of the sale, the refinery had assets and unrestructured debt worth hundreds of millions of zloty each, the paper said.

Hudson Oil shares are listed on the Frankfurt Stock Exchange and the contested stake in Glimar is its main asset, the newspaper wrote, without citing a source.

Source Puls Biznesu

Value GBP 141m (Glimar debts at the time of bankruptcy)

Stake Value 91%