Polskie Gornictwo Naftowe i Gazownictwo SA fell the most on record on concern the Polish natural gas company’s main pipeline route via Ukraine may be disrupted and after projecting lower-than expected earnings.
A disused railway between Latvia and Lithuania will be rebuilt in 2012, allowing Polish refiner PKN Orlen to ship products more cheaply from its refinery in Mazeikai, Lithuania, Dziennik Gazeta Prawna reported today.
Statoil ASA failed to buy North Sea Forties crude at a higher price than its previous bid. Vitol Group sought to sell Nigerian Bonny Light and Escravos on the Platts pricing window. No bids or offers were made for Russian Urals blend.
Poland can expect its first commercial gas flows and a doubling of the number of shale wells this year, according to the chief executive officer of the nation’s largest provider of hydraulic fracturing services.
PKN Orlen SA , Poland’s largest oil company, will fully start a hydrocracker unit at its refinery at Plock, Poland, on April 20 after maintenance, the company’s press office said today in an e-mailed statement.
PKN Orlen SA, Poland’s largest oil refiner, reported a second-quarter net loss of 5.25 million zloty ($1.66 million), compared with a profit of 1.17 billion zloty a year earlier, as the weakening zloty increased the cost of its foreign currency denominated debt, offseting the positive effect of rising refining margins and oil prices.