Implications of shale gas development on par with EU accesion

Effects comparable to those brought about by Poland's accession to the European Union, including a 0.8 pp contribution to national GDP, 510 thousand new jobs and some PLN 87bn in additional tax revenues, are among possible benefits which the developing shale gas industry may offer the country's economy. The benefits are envisaged by one of the three scenarios described in a report prepared together with the Centre for Social and Economic Research (CASE). The magnitude of potential gains depends on the amount of investments in the shale gas industry and sources of their financing, but even if the most conservative option were to unfold, Polish companies involved in shale gas exploration and production would have a chance to take a major step forward.

PKN ORLEN regains a positive rating outlook

Today, Fitch Ratings has revised the outlook for PKN ORLEN's long-term rating (BB+) from stable to positive. This long-awaited change is a result of a consistent policy aimed at deleveraging the company, which has significantly improved its credit standing, despite the persistently challenging climate for the industry across Europe. The change of the outlook to positive means that over the next 12-24 months Fitch may upgrade PKN ORLEN's rating to BBB-. Concurrently, for the first time the company was assigned national rating BBB+ with a positive outlook.

PKN ORLEN’s consolidated financial results in Q2 2012

In Q2 2012, the prices of refined petroleum products went up, which translated into a 9% increase in revenue. This factor, combined with an improved macroeconomic climate, recovering retail margins and an over twofold rise in the refining margin on global markets, resulted in the Company’s posting the highest LIFO-based operating profit since 2006, in the amount of PLN 1.2bn. Despite a continuing downward trend in fuel consumption across its home markets, the Company recorded a 2% increase in retail sales. This helped compensate for a decline in petrochemical sales and the effect of the periodic maintenance shutdown at ORLEN Lietuva, which eroded the refining segment’s performance.

PKN ORLEN to drill its first shale gas exploration well in the Province of Warsaw

Today, PKN ORLEN started work on its first shale gas exploration well in the Province of Warsaw, in the Garwolin licence area. The occasion marking the launch of the drilling work in the village of Goździk was attended by Minister of the State Treasury Mikołaj Budzanowski and PKN ORLEN's CEO Jacek Krawiec.

PKN’s seven-year bonds listed on secondary market

PKN ORLEN has today floated on WSE’s Catalyst market its corporate bonds with a total value of PLN 1bn, originally issued in February 2012. This has been the largest issue of bonds to be listed on the Catalyst market this year. The listing will help PKN ORLEN to access a wider group of investors, which is in line with the Company’s long-term strategy of diversifying its financing sources.

PKN ORLEN at the St. Petersburg International Economic Forum

Jacek Krawiec, CEO and President of the Management Board of PKN ORLEN, took part in today’s debate entitled “European crossroads: post-crisis scenarios” during the 2012 International Economic Forum in St. Petersburg. The debaters devoted a lot of attention to urgent steps that should be taken, as well as long-term measures necessary to overcome the crisis, both in Europe and around the world. Also, the invited guests discussed lessons that should be drawn to minimise threats posed by crises in the future. On numerous occasions, they emphasized Poland’s economic success, especially in contrast with the economic and political situation in Greece.

ORLEN employs advanced technology in communicating with the market

ORLEN has received a special award in the 5th edition of the “Golden Website” contest for conducting investor relations using modern methods of Internet communication. For a number of years we have used our web site to communicate relevant and interesting information to our investors, such as financial reports or reports from financial conferences. But an absolute novelty recently added to our communication tools is the mobile version of the recently published 2011 Annual Report.

Second series of PKN ORLEN bonds offered for sale

In response to the enormous interest in PKN ORLEN bonds on the part of investors, who subscribed to the entire PLN 200m of the first series of bonds in just two days, a second PLN 200m tranche of PKN ORLEN bonds has today been offered for sale on the same terms. PKN ORLEN expects the proceeds from the entire bond issue programme to reach approximately PLN 1bn.

We share not only a passion for football

For the first time in history of ORLEN Group, the European Championships played in June this year created an opportunity for marketing campaign integrating Polish, Czech and German customers. The action starts in late May and will cover the company's stations in Germany, the Czech Republic and Poland. How will look like? Customers visiting STAR stations in Germany and Benzina stations in the Czech Republic will receive leaflets with information about ORLEN and Bliska chains of petrol stations, which will include coupons encouraging to visit our stations during their stay in Poland. Leaflet holders will be able to cash promotional coupons on selected ORLEN and Bliska chain stations.