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English Section

Polish oil giant PKN Orlen reports strong Q2 performance

23.07.2019 07:00
Poland's biggest oil refiner, PKN Orlen, says it posted a strong performance in the second quarter of this year despite a challenging macroeconomic environment.
Zdjęcie ilustracyjne.
Zdjęcie ilustracyjne.shutterstock, canon_shooter

The company has reported PLN 2.7 billion (EUR 640 million, USD 710 million) in before-tax second-quarter earnings, an increase of more than PLN 600 million compared with the same period last year.

The company said in a statement that its earnings improved despite adverse factors including a temporary halt in oil supplies from Russia via the Druzhba pipeline.

The improvement was “achieved largely on the back of consistent efforts to diversify oil supply sources, giving the Group more flexibility in its procurement decisions,” Orlen said.

It quoted its CEO Daniel Obajtek as saying that “another quarter of solid results demonstrates that PKN Orlen is well positioned to operate in a more challenging macro environment.”

 PKN Orlen this month formally asked the European Commission—the executive arm of the European Union of which Poland is part—to greenlight its proposed acquisition of the Lotos group, Poland’s No. 2 refining company.

PKN Orlen operates six refineries in Poland, the Czech Republic and Lithuania. It extracts oil domestically and in Canada.

The company owns 1,779 gas stations in Poland, 584 in Germany, 413 in the Czech Republic, 25 in Lithuania, and one in Slovakia, according to the businessinsider.com.pl website.


Source: orlen.pl, businessinsider.com.pl, PAP