ORLEN has contracted sales of fuels for more than pln 33 billion
The ORLEN Group has completed the major part of the contracting process related to wholesale supplies of fuels in 2011. The Company's products will be supplied by land and sea to markets in Western, Central and Eastern Europe. The value of the contracts exceeds PLN 33bn, including over 16bn worth of contracts executed by the Parent Undertaking.
The bulk of the Company's fuels will be sold to the most important operators on the European markets, which will purchase over 50% of the total contracted volumes. BP, Lukoil, Statoil oraz Neste have contracted purchases worth in aggregate over PLN 15.6bn. Additionally, the largest wholesalers operating in each market have entered into forward contracts with companies of the ORLEN Group. The contracts clearly confirm the prevailing market trends, as diesel oil accounts for the bulk of the total contracted volumes (approx. 60%).
- Our cutting-edge production assets located across CEE, as well as uniform quality standards and high level of trade relations, allow PKN ORLEN to implement a regional sales policy. The recent contracts confirm that - from the perspective of the largest European players looking to do business with reliable partners offering optimal financial and logistic solutions - we are a counterparty of choice - said Jacek Krawiec, President of the Management Board of PKN ORLEN.
Under the finalised contracts, PKN ORLEN's range of fuels will be sold both on the Group's home markets (Poland, Lithuania, Germany and the Czech Republic), as well as to Ukraine, Estonia, Latvia, Moldova and Slovakia, and - exported by sea - to Western Europe.
The contracts executed so far represent a substantial portion of the forward contracts. Due to the specificity of certain markets, the contracting process is still ongoing.
