Page 26 - EurOil Week 09 2023

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Poland’s Orlen to spend $26.5bn transport up to 300,000 tonnes of Kazakh at less than 0.3mn m3 per year), unchanged
TRY 7 for SMEs (Level 1/consumption
oil to Germany in the first quarter, subject
on green projects to requests from oil companies. since September and up 219% y/y,
TRY 12 for industry (Level 2/
The statement released by the company
Poland-based PKN Orlen is to spend €25bn said that it planned to transport the crude consumption at higher than 0.3mn m3 per
($26.5bn) on green projects as part of its through the Transneft pipeline system in year), down 30% compared to TRY 17 in
2030 strategy. This would represent about the direction of the Adamowo-Zastawa February and 55% compared to TRY 26
40% of its capital expenditure. delivery point in Poland for onward transit from October to December as well as up
It will deliver more than 9 GW of to Germany. 88% y/y,
installed renewable energy capacity, TRY 12 for power plants, down 20%
consisting of onshore and offshore wind compared to TRY 15 in February and 42%
– mainly in the Baltic and North Seas Profit of Romgaz shrinks in Q4 compared to TRY 21 from September to
– and solar photovoltaics, the company December, as well as up 90% y/y.
announced. The company also wants to on tougher taxation As of February 28, the Dutch TTF (Title
invest in energy storage facilities and Transfer Facility) 1-month Natural Gas
hydroelectric power generation. Romania’s state-controlled natural gas Futures contract was down by 50% y/y at
Its renewable power generation capacity company Romgaz announced that its profit €47/MWh ($529/1,000 m3 or TRY 10/m3).
is expected to increase four-fold. dropped by 60% y/y and by 40% q/q in Q4, Brent oil was down 16% y/y to $83. The
PKN Orlen is a multinational oil refiner to RON307mn (€62mn), according to the USD/TRY pair was up 37% y/y at 18.88.
and gasoline retailer. preliminary financial report published on As of November, the government ended
PKN Orlen also plans to become Central the Bucharest Stock Exchange. gas price subsidies for power plants and
Europe’s leader in biogas and biofuel In the whole year, the company’s net big industrial producers as the TTF fell
production. By 2030, it plans to operate a profit still rose by 33% y/y to RON2.5bn. (thanks to the mild winter in Europe) and
strong group of biogas plants producing This sharp advance was possible despite the the lira remained stable. The government,
a total of 1bn cubic metres of biogas. In supplementary taxation introduced in 2022, meanwhile, significantly hiked gas prices
the biofuels segment, the company said it which visibly impacted the profitability across 2022.
intends to manufacture more than 3mn margins. Subsidies to households in Turkey are on
tonnes per year (tpy) of bio-components. “The margins of consolidated net profit hold.
The group has ramped up its electric (19.0%), consolidated Edit (22.2%) and In 2021, Turkish power plants consumed
mobility plans and intends to implement Ebitda (26.3%) decreased compared to 21bn m3 of gas, equivalent to a 35% share
an ambitious international electric mobility the levels recorded in 2021 (32.7%; 35.0%, of Turkey’s overall consumption of 60bn m3
strategy with a focus on the Polish, Czech respectively 47.6%) mainly as a result of and up 53% y/y, due to drought conditions
and German markets. It plans to construct the supplementary taxation.” the document that hit hydropower production.
more than 10,000 charging points. reads. Also in 2021, households consumed
“The energy crisis, which began Romgaz expects to pay RON996mn as 17bn m3 of gas, equivalent to a 28% share
even before the war in Ukraine, has a solidarity tax, which accounts for 60% of and up 7% y/y. Industry consumed 15bn
demonstrated there is no turning back the profit achieved in 2022 above 120% of m3, representing a 26% share and up 20%
from the energy transition,” said Daniel the average profit reported in the previous y/y, due to pandemic effects felt in 2020.
Obajtek, PKN Orlen’s CEO and president four years.
of the management board. “Orlen has The company’s turnover rose by 129%
long recognised that. Back in 2020 we y/y to RON13.4bn in 2022: natural gas sales Lithuania’s Klaipedos Nafta cuts
were the first company in Central Europe rose by 124.6% y/y, electricity sales more
to announce a strategy to achieve carbon than quadrupled and the revenues from losses to €5.5mn in 2022
neutrality, and a few months later our vision storage services increased by 80.5%.
for growth to 2030.” Its market capitalisation was RON15.6bn Klaipedos Nafta (Klaipeda Oil), a
as of February 28. Lithuanian oil and liquefied natural gas
(LNG) terminals operator, cut its losses to
Kazakhstan to transport another Turkey further cuts gas prices €5.5mn in 2022, compared to €64mn in
2021, according to the company’s unaudited
20,000 tonnes of crude to for industry, power plants consolidated financial report, BNS, a Baltic
newswire, reported on February 27.
Germany in March via Russia’s Turkey’s government-run natural gas profit of the group and the company was
“In 2022, same as in 2021, the net
Druzhba pipeline monopoly Botas has introduced further significantly affected by unrealised foreign
price cuts for industrial enterprises and
exchange losses and by the reduction of the
Kazakhstan’s national oil transport operator, power plants, effective as of March 1, the LNG security supplement by €26.8mn per
KazTransOil, has announced plans to company said on February 28. annum as of January 1, 2020,” Klaipedos
transport another 20,000 tonnes of crude oil For March, Botas set its gas prices, Nafta said in a press release.
to Germany through the Russian Druzhba excluding value added tax (VAT) and the The group’s revenue rose by an annual
pipeline in March. special consumption tax (OTV/SCT), on 25.9% to €77.8mn last year, while its
This follows the successful transportation average at: consolidated Ebitda increased by 36% to
of an initial 20,000 tonnes of oil to Germany Turkish lira (TRY) 4 ($0.22) per cubic €35.5mn.
via the pipeline in February. KazTransOil metre (m3) for households, unchanged
said it believed that it could technically since September and up 119% y/y,

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