Unipetrol withdraws from Benzina sale

Czech fuel group Unipetrol is pulling out of a deal to sell part of fuel retail chain Benzina to ConocoPhilips.

Unipetrol, a unit of Poland’s PKN Orlen, had promised to sell one third of its chain after privatization to ConocoPhillips which operates the jet network of filling stations in the country.

PKN spokesman Dawid Piekarz told Czech news agency CTK: The sale is not in line with the company’s strategy. PKN Orlen deputy president Cezary Smorszczewski also told reporters: The stance of Unipetrol’s management is that it does not want to sell, as Benzina remains a core asset.

Arbitration proceedings with ConocoPhillips cannot be ruled out, he added.
We are currently talking with Conoco, Mr Smorszczewski said.