WARSAW--Poland's top refiner PKN Orlen SA expects to swing to an operating loss of 700 million zlotys ($228 million) in the fourth quarter from a PLN128 million profit a year earlier due to asset impairments and falling oil prices, the company said Friday.
Message Posted: Jan 18, 2013 9:37:33 AM
PKN Orlen wrote off PLN700 million in the fourth quarter, mainly for assets at its Czech Republic based unit Unipetrol and booked a PLN500 million loss on its oil inventories, which lost value due to lower oil prices.
Refining conditions deteriorated from the third quarter but were significantly better than a year earlier. The total refining margin and spread between prices of cheaper Russian Urals crude oil that PKN refines and the more expensive Brent crude oil it benchmarks its sales to rose to $5.5 a barrel from $3.1 in the f
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