Announcement
In the 1st quarter 2006 there was a dramatic combined drop in refining margins and the Ural-Brent differential - in total, a fall of 29% in relation to the corresponding period of the previous year. In addition a decrease in natural gas deliveries and a cold winter affected the PKN ORLEN Group's operations. In consequence, although there was an increase in wholesale and retail sales volumes, the results of the Group in the 1st quarter of 2006 were only at a similar level to the result in the 4th quarter of 2005.
At the same time, the trend analysis made in April and May this year is allowing us to take a more optimistic view regarding the 2nd quarter 2006 results of the Group, and on the fuller realisation of its plan assumptions. From the beginning of April the macroeconomic conditions in which the Company operates have improved significantly. In particular, the market quotations of refining margins and the Ural-Brent differential were higher by a total of 52% at the beginning of the second quarter 2006 in relation to the 1st quarter 2006.
