Polish Glimar S.A. Oil Refinery Returns to Business

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Researched by Industrial Info Resources (Sugar Land, Texas)--The Glimar S.A. Oil refinery, located in Gorlice, Poland, was shut down in 2005 due to bankruptcy. Today, it is owned and operated by Gorlice Podkarpackie Holding Budowy Dróg (Drogbud) (Strzyzow, Poland). Authorities from the Glimar refinery plan to hire 80 to 90 employees and begin production of bitumen road this year.

Gorlice Podkarpackie Holding, which bought the refinery in December last year, bought shares from the company Grupa Lotos SA (WAR:LTS) (Gdansk, Poland). The new owner has just finished a preliminary technological test. In the next two months, the refinery will be processing and redistributing fuel oils, for which about 40 more people will be employed. In the next stage, scheduled for the next six months, the plant will start producing asphalt road (tar).

The installations have been idle for the last three years, so it will require considerable work and effort to launch the production of asphalt.

Glimar's objective for the next two to three years is to finish construction and run the unfinished installation used to manufacture different refining products. This project will require considerable resources, so the company will look for additional partners.

The company is talking with creditors about the debt held. Glimar owes more than 700 million euros to more than 1,000 creditors. The value of the refinery's assets is estimated at about 350 million euros (US$541.85 million).

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