Changes in the Management Board of PKN ORLEN

The Supervisory Board of PKN ORLEN has appointed Mr Mirosław Kochalski to the position of the Vice-President of the Management Board and Mr Zbigniew Leszczyński to the position of Member of the Management Board of PKN ORLEN. Simultaneously, Mr Marek Podstawa, Member of the Management Board responsible for Sales was recalled from his position.

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Changes in the Supervisory Board of PKN ORLEN

The Extraordinary General Meeting of PKN ORLEN changed the composition of the Company’s Supervisory Board today. Five Members were removed from the Supervisory Board at the request of the State Treasury Ministry. In their place, the General Meeting appointed five new Members, including four Members recommended by the Ministry and one recommended by a shareholder – Nationale-Nederlanden OFE. The General Meeting resolved that the Supervisory Board would be composed of nine members.

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Consolidated financial results of PKN ORLEN 4Q2015

PKN ORLEN DELIVERS RECORD-HIGH RESULTS In 2015, PKN ORLEN’s LIFO-based EBITDA reached a record high of PLN 8.7bn. Sales volumes rose year-on-year, to 38.7m tonnes, with almost 31m tonnes of crude processed. In 2015, PKN ORLEN consistently pursued its growth strategy and paid out a dividend of PLN 1.65 per share.

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ORLEN Group increases its share in Czech retail market

Unipetrol, a subsidiary of PKN ORLEN, will acquire 68 service stations which are now part of OMV’s assets in the Czech Republic. The new acquisitions will operate under the Benzina brand. Conditions for closing the transaction include clearance from the Czech anti-trust authority.

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‘First fire’ − Włocławek CCGT plant’s gas turbine comes online

The 463 MWe CCGT unit in Włocławek has been successfully fired up, with the gas turbine reaching the target rotation speed of 3,000 rpm. This marks another stage of the start-up phase to be completed in the middle of this year.

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ORLEN completes the acquisition of FX Energy

ORLEN Upstream, a subsidiary of PKN ORLEN, has acquired FX Energy by acquiring a 100% equity interest in the company. Thanks to the acquisition, the Company has increased its 2P reserves by 8.4 million boe and secured producing assets in Poland. The value of the transaction was USD 125 million (i.e. PLN 487,6 million).

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PKN ORLEN signs an annex to a long-term crude oil supply contract with Rosneft Oil Company

The agreement, with an estimated maximum value in current market conditions of around PLN 26bn, provides for the supply of between 18 million to 25.2 million tonnes of crude oil.

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ORLEN contracted crude oil supplies to Płock from Tatneft Europe AG

PKN ORLEN has signed long-term contract for crude oil supplies for Production Plant in Płock. The contract provides for the supply from 3,6m up to 7,2m tonnes of crude oil and value of the contract is estimated at up to approximately PLN 7,4 bn.

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Experimental algae to grow at the refinery

PKN ORLEN is starting another R&D project to explore alternative sources of next-generation biocomponents. The Company plans to open a research station at its Production Plant in Płock, where carbon dioxide and process wastewater will be used to grow algae.

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