No. 31 (629),  August 2, 2004
Archive
  

Polish Credit for Russia

"Poland is ready to grant Russia 100 million dollar worth mortgage credit this year," said Russian Deputy Prime Minister Vladimir Yakovlev. Earlier he met with the Polish Deputy Minister of Infrastructure Marek Bryks. Yakovlev believes the Polish government will guarantee the cash. Polish developers are interested in the construction of houses for mortgage flats. Yakovlev assured Russia was interested in this form of cooperation.

Deputy Prime Minister Hausner about Economic Recovery

"The long-awaited economic recovery has come at last. We have overcome the economic stagnation," said Deputy Prime Minister Jerzy Hausner in parliament on July 29. In his opinion, the recovery was possible thanks to increased industrial production sales, foreign trade results, low inflation and improved labour productivity. Corporate profitability is another sign of the recovery. Hausner says the economic growth in 2003 "will stay at the level of 3-3.3 percent" and it is highly probable that it will reach five percent in 2004. He said "the economic results were promising which does not mean there are no serious problems facing Polish economy and government economic policy". "We must not relax because we need a high economic growth in the range of six to seven percent," Hausner said. He informed about the chance to cut down the deficit projected in the budgetary provisions for 2004 at 45.5 billion zlotys by 2-3 billion. Enumerating government activities aimed at boosting the economy Hausner said a law on economic freedom was now being prepared to reduce barriers in running economic activity and talks were under way with the National Bank of Poland and the Union of Polish Banks on diminishing mandatory reserves.

Border Trade Up

Increased border trade has contributed to a drop in the current turnover deficit in June. It amounted to a bare 83 million Euro versus what analysts expected - 290 million Euro. In June, Polish companies sold abroad goods worth three billion 32 million Euro, up 8.4 percent on a year ago. At the same time, for imported goods Polish people spent three billion 519 million Euro, only 0.3 percent more than last year. Foreign trade deficit stood at 487 million Euro. After six months it totalled four billion 250 million Euro or 22 percent less than in the corresponding period of 2002. For many months now, tendencies in import and export have been stable. "Data for June are a confirmation that it is export that is now the driving force for growth in the enterprise sector," said chief economist of the Polish division of Société Générale Marcin Mróz.

Boom on Warsaw Stock Exchange

On July 28, after several day break, the Warsaw Stock Exchange has recorded record breaking results. The WIG 20 and WIG indexes gained 2.9 percent each with the latter recording the highest value since December 2000. Like earlier, smaller companies gained most. The boom is spurred by the influx of means from Polish investment funds.

Orlen Wants to Buy Ukrainian Petroleum

On July 31, in the presence of Prime Ministers Leszek Miller and Viktor Yanukovich, Polish Oil Concern Orlen signed a letter of intent with the Ukrainian Company UkrTransNafta on the purchase of crude oil supplied via the Odessa-Brody pipeline. In the middle of July 2003, the management of UkrTransNafta - the pipeline's investor in Ukraine - presented projects of lengthening it to Poland and next to Germany. The construction to Poland may cost 350 million Euro. A 90-kilometre long section must be built to the border and another 450 kilometres to P³ock. The pipeline will transport oil from Caspian deposits to Central and Western Europe. On the Ukrainian side on the Odessa - Brody section the pipeline has existed for two years, though inoperative. The first crude oil supplies totalling 0.5 million tons are planned for October. In 2004, the pipeline is to handle about six million tons.

Orlen Stations in Hamburg

A petrol station with Orlen logo has been opened in Hamburg as the second, after Berlin, Orlen station operating in Germany. Both projects belong to a network of 494 petrol stations bought by PKN Orlen in December 2002 from British Petroleum for 140 million Euro. A re-branding of 130-150 stations for 26 million Euro is planned for 2003. According to Orlen Deutschland's estimates, the stations will sell 1.4 million cubic metres of fuels this year.

Spanish Stamping Press for Volkswagen in Poland

One of the biggest sheet metal stamping presses belonging to the Spanish Gestamp Group will start to operate in Wrze¶nia, western Poland, in the mid- 2004. Spain will invest about 200 million zlotys and will employ a staff of 200. The plant will initially service mainly the VW factory in Poznañ.