The Internal Security Agency (ABW) has warned the government that Orlen, Poland's largest oil refiner, could soon be taken over by a Russian concern. The ABW pointed to increased turnover of Orlen's shares on the stock exchange as an indicator of this, reported Rzeczpospolita daily. This is all the more worrying since the majority of Orlen's capital is fragmented and its owners unidentified.
The state controls only 32 percent of the company and the acquisition of a majority stake by a Russian player in such an important firm is seen as a threat to the Polish oil industry.
The Secret Services Minister, Zbigniew Wasserman, has ordered an investigation into the firm's capital structure and links between the shareholders. He stated that the Polish energy industry has already experienced attempted takeovers by Russian companies. That is why, he explained, the state has taken certain preemptive measures.
He stressed, however, that these measures will remain a secret. "This is not a part of an election campaign," said Wasserman.
Kamil Kliszcz, an analyst from BRE, told WBJ that it is technically possible for a single entity to acquire a majority stake in Orlen, but that the firm is equipped with several instruments to prevent the state from losing control over it, such as the so-called "golden veto," the state's right to veto "unfavorable" decisions. Moreover, the oil sector in Poland is highly dependent on the state's decisions. Thus, if a major shareholder were to dominate the company, the state could make its presence unprofitable.
Besides, noted Kliszcz, the European Commission has recognized the need to protect energy supplies from countries such as Russia and Algeria and is working to improve protective measures.
