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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Changes at the position of the President of PKN ORLEN Management Board

​The Supervisory Board of Polski Koncern Naftowy ORLEN S.A., following its meeting on 16 December 2015, has recalled Mr Dariusz Jacek Krawiec from PKN ORLEN Management Board and at the same time appointed Mr Wojciech Jasiński to the position of the President of PKN ORLEN Management Board.

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Changes in the Supervisory Board of PKN ORLEN

On November 23rd 2015, the Minister of the Polish State Treasury, acting on behalf of the State Treasury as a shareholder, removed Mr Maciej Bałtowski from the Supervisory Board of PKN ORLEN. At the same time, Mr Remigiusz Nowakowski was appointed as Member of the Supervisory Board. The changes were made pursuant to Art. 8.2.1 of PKN ORLEN’s Articles of Association.

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ORLEN Paliwa – largest multifuels sales organisation launched

The recent merger of ORLEN Paliwa and ORLEN GAZ has resulted in the formation of one of the largest sales organisations in Poland capable of delivering a comprehensive offering of fuel products to wholesale buyers. This move continues the effort to modernise the wholesale fuel distribution channel within the ORLEN Group. The newly-established company will operate as ORLEN Paliwa.

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ORLEN Paliwa – largest multifuels sales organisation launched

The recent merger of ORLEN Paliwa and ORLEN GAZ has resulted in the formation of one of the largest sales organisations in Poland capable of delivering a comprehensive offering of fuel products to wholesale buyers. This move continues the effort to modernise the wholesale fuel distribution channel within the ORLEN Group. The newly-established company will operate as ORLEN Paliwa.

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Orlen group delivers solid performance across all segments

After the nine months of 2015, the ORLEN Group delivered a nearly PLN 3bn year-on-year improvement in LIFO-based EBITDA (before impairment losses on assets). Q3 2015 alone was closed with an operating profit (LIFO-based EBITDA) of PLN 2.1bn (before impairment losses on Czech petrochemical assets of PLN 0.1bn).

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ORLEN among the best managed companies in CEE 2015

In the 11th edition of Eurmoney’s Best managed companies in CEE 2015 survey, whose results have just been released, PKN ORLEN was once again recognised as the best managed company in Poland. Independent analysts from leading financial institutions across the globe rewarded the company for its ambitious development plans and strong management competence.

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New reporting standards at PKN ORLEN

Today, PKN ORLEN has published its first interactive, integrated on-line annual report, which combines financial reporting and CSR reporting, and takes into account the guidelines of the International Integrated Reporting Council. It also reflects the latest directions in the EU legislation on disclosure of non-financial and diversity information. The report’s new formula is a natural step in adapting this form of communication to market trends and stakeholder expectations.

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Consolidated financial results of PKN ORLEN 2q2015

Solid performance by pkn orlen on supportive macroeconomic environment, higher output and sales. In Q2 2015, the ORLEN Group's LIFO-based EBITDA before impairment losses on property, plant and equipment came in at PLN 2.9bn. The strong result was driven by a supportive macroeconomic environment, with a growing downstream margin and falling crude oil prices. The Group also reported higher sales across all segments. A solid result was posted by the Retail segment, despite a year-on-year decline in fuel margins in Poland, the Czech Republic and Lithuania. In Q2 2015, PKN ORLEN managed to reduce its debt and financial leverage, keeping its debt ratios at optimum levels. On July 8th 2015, as previously announced, the dividend of PLN 1.65 per share was paid to the shareholders.

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