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PKN Orlen sees 1Q 2012 operating profit down 33%

April 20/2012

(foxbusiness) -- Poland's largest refiner PKN Orlen SA (PKN.WA) expects its first-quarter operating profit to reach about 900 million zlotys (USD282 million), down 33% from a year earlier, the company said Thursday in a preliminary estimate of its earnings.

PKN Orlen said the impact of higher sales volumes offset the negative impact of the tough macroeconomic environment in which Europe's refineries now operate.

Higher crude oil prices, which increased the value of PKN Orlen's mandatory oil reserves, are expected to increase operating profit by about PLN700 million, PKN Orlen said.

Sales volumes rose 2% on the year, boosted by retail sales and sales of petrochemicals.

Throughput of crude rose 4% on the year in the first quarter, driven by increased utilization at PKN's Plock refinery, mainly its PX/PTA petrochemical complex, and its Czech unit Unipetrol.
Author:Anna Larionova
Tags:naphta, oil.
Category:General News
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