Poland's treasury may want the country's largest chemical group Pulawy to pay more than 25 percent of its 2008/2009 profit in dividends, Adam Leszkiewicz, the deputy treasury minister, was quoted as saying on Saturday.

In August, Pulawy, which makes fertilizers and construction materials, proposed a dividend payout of 48.7 million zlotys, or 2.55 zlotys per share, from its 2008/2009 net profit, which would represent 25 percent of the company's earnings.

We are still analysing this issue but it seems that we may want a higher dividend payout, Leszkiewicz told the daily Parkiet.

The government, which owns 50.7 percent in Pulawy, plans to privatise the company, together with another chemicals producer Police PICE.WA, although the treasury has not yet specified when this could take place.

Polish gas monopoly PGNiG PGNiG has said it was interested in taking part in the privatisation process, but Leszkiewicz told Parkiet this was less likely.

According to the current strategy, it would be PGNiG that could become the investor for these two companies. But today, this is becoming less probable. The management of PGNiG is showing big reservations towards the idea.

(Writing by Karolina Slowikowska, Editing by Dean Yates)

Poland