Advertisement
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Silver

    25.10
    +0.18 (+0.74%)
     
  • EUR/USD

    1.0793
    0.0000 (-0.00%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2636
    +0.0014 (+0.11%)
     
  • USD/JPY

    151.2090
    -0.1630 (-0.11%)
     
  • Bitcoin USD

    69,451.85
    -1,589.10 (-2.24%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,369.44
    +201.37 (+0.50%)
     

Poland's PKN to unveil new strategy in December

* Poland's refiner PKN beats expectations with Q3 net

* Profit on inventory gains, FX, but macro weighs

* PKN to release new strategy in December

* Starts pilot project on electric cars (Adds new information, details, background, quotes)

WARSAW, Oct 20 (Reuters) - Poland's biggest oil refiner PKN Orlen plans to diversify into projects such as electric cars, its chief financial officer said on Thursday, adding details would be unveiled in new strategy in December.

Earlier on Thursday PKN beat expectations with its third-quarter net profit as inventory gains, a revaluation of foreign currency-denominated debt and insurer payments helped it offset the impact of falling margins and shutdowns.

Net profit at the state-run company in the third quarter rose by 92 percent year on year to 1.5 billion zlotys ($380 million) compared to 1.4 billion zlotys predicted in a Reuters poll.

"We are working on a strategy for the coming years and we should be able to receive corporate approvals in December. Then we will share the vision of our company in more detail," Slawomir Jedrzejczyk told a news conference.

The company is looking at how it could help meet a government goal to have 1 million electric cars on the roads by 2025. It has installed a Tesla electric car charging station at one of its petrol stations.

"The agreement with Tesla envisages that we will have four such stations. We will see how it develops," Jedrzejczyk said.

FUEL SALES

PKN quoted estimates that Polish fuel consumption increased in the third quarter, including a 4 percent rise in diesel and 7 percent in gasoline use, partly after new legislation in August to curb grey market sales.

"We are satisfied with the effect. It is visible in growing volumes. But I would not say that the game is over, as it will be a long process before the grey zone disappears," Jedrzejczyk also said.

He added that the fuel consumption data by ARE, which provides fuel and energy market analysis and research, is expected to be reviewed upwards.

PKN also said it expected lower average benchmark oil prices in 2016 due to high crude supply. It sees its refining margin rising to $6.4 per barrel in the fourth quarter from $4.3 in the third one. It saw 2016 CAPEX at around 5 billion zlotys.

($1 = 3.9393 zlotys) (Reporting by Agnieszka Barteczko; Editing by Kim Coghill/Ruth Pitchford)

Advertisement