Bloomberg News

PKN Orlen Says Refining Margins Improving in Fourth Quarter

December 01, 2011

(Adds comment from CFO from second paragraph)

Nov. 30 (Bloomberg) -- PKN Orlen SA, Poland’s largest fuel refiner, said refining margins are better in the fourth quarter than in the third quarter, Chief Financial Officer Slawomir Jedrzejczyk told reporters in Warsaw today.

According to Jedrzejczyk, Orlen’s refining margin increased in the quarter to date to $3.8 per barrel of oil from $2.7 in the previous quarter, while the company’s petrochemical margin declined to 630 euros per ton from 663 euros in the third quarter.

“In general, situation remains difficult but has improved from the third quarter,” he said.

In the retail segment sales volumes are very good but margins remain weak, Jedrzejczyk said.

To contact the reporter on this story: Marek Strzelecki in Warsaw at mstrzelecki1@bloomberg.net

To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg.net


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