PKN Orlen & MOL

PKN Orlen Q4 & 2017

PKN Orlen’s fourth-quarter net profit in 2017 fell by 11% to Kc 1.59 billion ($477.42 million) as higher oil prices affected refining margins.  For the whole of 2017 the Orlen Group generated an EBITDA result of zl 10.4 billion, including a record result from the retail division over zl 2 billion.  The group refined 33.2 million tons in 2017 from its refineries in Poland, the Czech Republic and Lithuania, against 30.3 million tons in 2016.

In Orlen’s petrochemical division, monomer production increased from 680,000 tons in 2016 to 877,000 tons in 2017 whilst polymer production rose from 283,000 tons to 543,000 tons.  Increases were attributed largely to the restart of the Litvinov cracker after more of a year’s absence between August 2015 and October 2016.

In the PTA sector production at Wloclawek was down in the fourth quarter due to force majeure, with volumes dropping to 104,000 tons against 159,000 tons in the third quarter.  PTA production for Orlen fell from 601,000 tons in 2016 to 519,000 tons in 2017.  As a result of lower production total sales of PTA fell from 605,000 tons to 523,000 tons.  More than 60% of Orlen’s PTA sales are exported, the largest destination of which is Germany followed by smaller quantities to Belarus.

Investment outlays in the Orlen Group totalled zl 4.6 billion in 2017 of which zl 2.9 billion was allocated to the downstream segment (refinery, petrochemicals) and energy), and 0.8 billion zlotys for the upstream.  In 2018, investment outlays in the Orlen group are to amount to zl 4.8 billion, with zl 3 billion in the downstream segment, and zl 0.8 billion in the upstream segment.  Major petrochemical projects for the Orlen Group include the PE3 unit at Litvinov and the metathesis propylene plant at Plock. 

MOL-Chevron Lummus-strategy for petrochemicals

Chevron Lummus Global has been selected by MOL to undertake a Master Plan Study to assist in its long-term strategy to gradually increase the share of non-motor fuel products to above 50% by 2030.  This will be achieved through carefully selected investment projects primarily focused on the petrochemical and chemical value chains.  MOL is currently constructing a synthetic rubber plant and is working on plans for new projects for propylene oxide and polyols.  Chevron Lummus Global previously completed projects at MOL’s Danube refinery, in addition to refineries at Rijeka in Croatia and Bratislava in Slovakia. 

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