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ECONOMIC BRIEFS

Nafta Gbely Reports 41 Percent Drop in Pre-Tax Profit in 1998

Gas Storage Company Nafta Gbely, a.s., reported a gross profit of 357.5 million crowns for 1998, down almost 41 % from 602.12 million crowns one year before. Its 1998 revenues totaled almost 5.1 billion crowns (up 36% y/y), while expenditures accounted for 4.73 billion crowns (up 50% y/y), according to data released by the company.

According to information available to SITA, three foreign investors - Canadian, US and French- are interested in capital entry in Nafta Gbely. The most serious is the Canadian bidder, Trans Canada Pipelines, while the others are Gaz de France and the US company of Enron. During his working meeting with Slovak Finance Minister Brigita Schmögnerová, French Foreign Trade Minister Jacques Dondoux stated that Gaz de France is ready to invest about 4 billion crowns into Nafta Gbely.

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