Royal Dutch/Shell puts in bid for stake in Czech Unipetrol

World number one oil and gas group, Royal Dutch/Shell is one of seven companies that have put in a preliminary bid for a 63% stake in Czech oil company Unipetrol, a Shell spokesperson said.

The Group, a unique joint venture between Royal Dutch Petroleum and "Shell" Transport and Trading, generates sales mainly from oil products, and also makes chemicals, transports natural gas, trades gas and electricity, and develops renewable energy sources.

The spokesperson said the Czech privatisation authority is currently making a selection from the group of seven, with the remaining candidates will be able to issue a final offer in the second half of March.

Analysts estimate the selling price including the assumption of debt at €400-450m.

Other parties interested include Hungarian oil and gas group Mol and Poland's PKN Orlen.

Unipetrol is market leader in the Czech Republic with about 320 petrol stations and controlling stakes in leading refineries and chemical plants.