Page 14 - EurOil Week 34 2022

EurOil PROJECTS & COMPANIES EurOil

PGNiG posts 8.6% y/y increase

in net profit in Q2

POLAND POLAND’S listed oil and gas exploration and Pipe in the fourth quarter.
production company PGNiG posted a net profit The Baltic Pipe links Norway’s gas fields to
The company gained of PLN746mn (€157.8mn) in the second quarter, Poland via Denmark and, once running in full
on its upstream a growth of 8.6% y/y, the company said in a mar- capacity in 2023, is expected to replace supplies
performance. ket filing on August 18. from Russia, which Moscow stopped earlier this
Revenues 196.9% y/y to PLN31bn, PGNiG year after Poland refused to pay for the gas in
also said. That included a jump of 260.2% y/y roubles.
in revenues from gas sales only, in line with the The company’s operational expenses also
commodity prices’ continued rally in the wake increased very strongly, coming in at PLN25.5bn,
of the West’s sanctions against Russia to which up 196% y/y, mostly due to a 283% y/y increase
Moscow responded by reducing gas supplies. in the cost of gas to PLN23.04bn.
PGNiG is a key company in terms of secur- PGNiG’s Ebitda came in at PLN5.47bn, an
ing gas supplies to Poland in the cold season. increase of 203% y/y, the company results also
“We secured gas supplies for the incoming showed.
heating season and there will not be shortages Ebitda results by segment showed an increase
in Poland,” deputy CEO Przemyslaw Waclawski of 484.9% y/y to PLN8.22bn in exploration and
told a results conference. production in Q2, owing to rising gas and oil
PGNiG is in advanced talks to source more prices.
gas from Norway through the new Baltic Pipe In trade and logistics, Ebitda came in at a
linking the two countries, its chief financial negative PLN3.39bn – a 15-fold increase y/y that
officer said on Thursday, Reuters reported. owed to the increased cost of gas.
“We are in advanced talks with several entities In distribution, Ebitda fell 26.4% y/y at
on the Norwegian Shelf,” PGNiG’s Przemyslaw PLN399mn. Ebitda increased 36.5% y/y to
Waclawski told reporters in answer to a question PLN232mn in the generation segment.
about volumes contracted for next year. PGNiG shares gained 0.87% to PLN6.27
The company also said that it would pump at the close of trading on the Warsaw Stock
some 800mn cubic metres of gas along the Baltic Exchange on August 18. ™

NEWS IN BRIEF

Croatia’s Janaf, Delta-Oil sign oil transports 11.4mn tonnes of crude oil topped 316% and gasoline’s exceeded 269% at
the price peaks.
annually.
derivatives storage deal updated based on a formula. The variables
Gasoline prices in Turkey are automatically
Croatian oil pipeline operator Janaf said Diesel fuel prices in Turkey are the Brent oil price, crack margins (CIF
on August 25 it has signed an agreement Med), the USD/TRY rate and the special
for storage of oil derivatives with local fuel climbing again consumption tax (SCT).
wholesaler Delta-Oil International. As of August 25, Brent was up 43% y/y
Janaf will store 20,000 cubic metres of oil The diesel fuel (Eco Force) price at Opet to $101 (down from the $120s seen in June)
derivatives at Omisalj terminal on the island stations on the European side of Istanbul while the USD/TRY pair was up 116% y/y to
of Krk until August 15, 2027, the company climbed to Turkish lira (TRY) 25.98 ($1.43) 18.17.
said in a statement on the website of the per litre on August 24, up 258% y/y, from TRY The diesel crack margin fell to $38 per
Zagreb Stock Exchange. 22.36 on August 9, according to data provided barrel in July from $54 in June but remained
The Croatian government has taken steps by Opet (chart). substantially higher than the $12 registered in
to increase the storage capacity of Janaf to In the same period, the gasoline price was February. The gasoline margin, meanwhile,
guarantee energy security during the Russian relatively stable. It stood at TRY 21.15 ($1.16) fell to $26 in July from $44 in June but
war in Ukraine. on August 24, up 173% y/y, compared to TRY remained distinctly higher than the $13 seen
The new storage will cover an area of 20.04 on August 9. in March.
640,000 square metres and will increase the As of August 26, the diesel price will As of August 25, the diesel differential
Omisalj terminal’s capacity to 2.04mn cubic increase by an additional TRY 0.87, media stood at $57 and the gasoline differential
metres, while new storage for refined products reports suggested on August 25. stood at $17.
will total 220,000 cubic metres of capacity. The record diesel price of TRY 29.94 was The average gasoline price in the US was
In May, Croatia said it could increase registered between June 16 and June 27. The up 23% y/y to $3.88 per gallon ($1.02 per
the transportation capacity of Janaf by 30% record gasoline price of TRY 28.46 was seen litre). A record $5.02 was registered on June
to supply Hungary with oil. Janaf currently on June 13. Diesel’s annual price increase 14.

P14 www. NEWSBASE .com Week 34 26•August•2022