Economic reforms have allowed local energy companies to take control of their own destinies, bringing expansion and foreign alliances. Economic reform has freed business leaders to build more viable, independent enterprises, better able to compete in regional markets.
Some firms are now fully in private hands and seeking foreign investors as they expand.
Having invested heavily in its refinery and been buffeted by the declining value of the Slovak crown, Slovnaft now needs more capital if it is to continue its expansion program. Next on its agenda is the upgrading of a petrochemicals plant. The contrast with the past could not be more striking. Prior to its privatization in 1996, Slovnaft was not even permitted to determine the scope of its own activities. We did not have any trading activities.