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News Parkiet
23.07.2004,

Petrochemicals

Troubles at Yukos could hurt Polish refineries

Threatened bankruptcy of Russia's largest oil producer Yukos could force two main Polish refineries, PKN Orlen and Grupa Lotos to look elsewhere for their oil supplies. Marek Woźniczko, Orlen's procurement manager doubts the Russians would stop selling oil if Yukos actually goes under. In the worst-case scenario, Orlen would have to switch to more expensive oil tankers, driving oil prices at the gas pump up by an estimated 2 to 4 percent.

Russian suppliers account for about 97 percent of Poland's oil consumption.

Banking

PKO BP reports earnings

Poland's largest retail bank PKO BP reported first-half earnings of 844 million zloty ($232 million), some 17 percent higher than last year as it prepares for IPO on the Warsaw bourse. Annualized return on equity rose to 29.6...


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