Equinor, Aker BP, Vaar face rising project costs, Norway budget shows
The Norwegian government announced on Monday that Aker BP, Equinor and Vaar Energi had raised their estimates of costs for major oil and natural gas development projects in the Norwegian continental shelf. The government's fiscal budget documents revealed…
Poland to Merge Four Energy Groups with Aim to Make International Player
Poland laid out plans on Tuesday to merge four of its largest energy groups in a move the government hopes will create a player able to compete in international oil, gas and electricity markets.PKN Orlen, the country's largest refiner on Tuesday received…
PGNiG Open to Mergers with State-run Firms
Polish gas company PGNiG is open to consolidation with other energy companies, its newly appointed chief executive said on Friday, as the government tries to merge state-run firms to strengthen their market position.The Polish state is a major shareholder in the energy sector, which is undergoing unprecedente
How Refiners Plan to Grapple With Fuel Oil Output After 2020
High-sulphur fuel oil (HSFO), essentially the leftovers of an oil refiner's output, will still flow from refineries around the world even after new rules start up in 2020 curtailing its use in the global shipping fleet, a Reuters survey showed.Sixty…
BP Concerned Over Planned Merger of Poland's Two Biggest Refineries
The planned merger of Poland's two largest refiners PKN Orlen and Grupa Lotos could restrict competition in the east European country, BP said in a statement on Wednesday.The London-based oil and gas company has not filed any official complaint with Polish or European Union authories but will consider its opt
Poland Cuts Dependence on Russian Oil but at a Cost
Poland's imports of Russian oil last year fell to their lowest level since 2005, a central bank report published on Tuesday showed, though Warsaw's bid to diversify its energy imports also meant paying higher prices.Russian oil accounted for 76 percent of all oil purchases…
Trump's Revenge: US Oil Floods Europe, Hurting OPEC, Russia
U.S. supplies to Europe set for all-time high in April; on course to overtake Russia, Saudi. As OPEC's efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude. Russia…
Six Dead After Blast at Czech Refinery
An explosion killed six people at a refinery in the Czech Republic on Thursday, rescue officials said. Two other people were taken to hospital with serious injuries, a fire department spokeswoman told Czech Television. The blast occurred at Unipetrol's…
PKN Will Uphold Dividend Policy
Poland's biggest oil refiner, PKN Orlen, will stick to its dividend policy despite plans to take over smaller rival Lotos, PKN said on Tuesday. "PKN Orlen's dividend policy will be continued. In the long-term, the decision to consolidate will increase the company's shareholder value," PKN said.
Poland to Expand Oil Pipelines as it Diversifies Supplies
Poland's government approved a plan on Tuesday to build more pipelines to help Warsaw take more oil deliveries from sources other than its biggest supplier Russia. Poland imports most of the oil it refines from Russia through the eastern part of a pipeline known as "Friendship"…
PKN, Lithuanian Railways Reach Deal on Fuel Transport Costs
Poland's biggest oil refiner PKN Orlen and Lithuanian Railways have agreed on new oil product transport fees and to end litigation, resolving a long-running dispute between the parties, two sources familiar with the situation said. PKN's Mazeikiai refinery…
Polish Oil Pipeline Back Online after Short Interruption
Crude oil flows through the pipeline supplying PKN Orlen's Plock refinery, the biggest in Poland, have been restored after a leak caused by illegal tapping, pipeline operator PERN said on Tuesday. The illegal tapping took place on Monday morning in the village of Trutnowy…
Poland's Biggest Refiner to Spend $316 Mln on 2016 Dividends
Poland's biggest refiner PKN Orlen SA plans to spend 1.28 billion zloty ($315 million) on dividends for 2016, it said on Tuesday. This translates to 3 zlotys per share, the state-run company said in a statement. Shareholders who have PKN shares on July 14 will be entitled to the 2016 dividend…
PKN Plans to Invest PLN 5.4 Bln per Year
Poland's biggest oil refiner PKN Orlen plans to invest 5.4 billion zlotys ($1.27 billion) a year, mostly on development projects, in 2017 and 2018, the company said in its new strategy released on Thursday evening. * The state-run refiner also said that it sees its earnings before interest tax…
Polish Firms Concede Defeat in Search for Shale Gas Riches
Poland's drive to exploit shale gas has come to an end with state-run gas firm PGNiG and oil refiner PKN Orlen drawing a line under projects to find it. The country's quest to explore for shale gas began five years ago, when the then prime minister…
Lotos May Sign Long-term Oil Supply Deal with Iran
Polish refiner Lotos could sign a long-term oil deal with Iran after receiving its first supplies from Iran last month, the deputy head of Lotos said on Thursday. Two tankers carrying 2 million barrels of oil from Iran arrived at the port of Gdansk on the Baltic Sea in mid-August.
Unipetrol: Switajewski Removed as CEO and Board Chairman
Czech oil refiner Unipetrol supervisory board has removed Marek Switajewski from the position of board chairman and he will also be leaving the post of chief executive, the company said on Friday. Andrzej Modrzejewski was elected as the new chairman, the company said in a regulatory filing.
Saudi Aramco Enters Baltic Market with PKN Deal
Saudi Aramco and Poland's biggest refiner PKN Orlen on Wednesday signed a contract agreed in May for Aramco to supply PKN with 50,000 barrels of crude oil per day starting this month, the companies said. "This agreement marks a strong first-step for Saudi Aramco's entry into the Baltic market…
Poland feels the pain of its love affair with coal
For generations, the region of Silesia has been at the heart of Poland's love affair with coal as a source of pride and heroism. Election to Poland's top job has depended on maintaining coal's special national status and Prime Minister Beata Szydlo…
Poland Mulls Oil & Gas Mergers
Poland mulls mergers between its three biggest state-run oil and gas companies - PKN Orlen , Lotos and PGNiG and is analyzing various options, the treasury minister Dawid Jackiewicz said on Monday. "I have started works on this concept to find out what positive effects one could expect.
