Unipetrol’s subsidiary Paramo holds EGM today. EGM was called by minority investors, who seek changes in statutes.
Our view:
There was speculation in press that PKN Orlen is trying to relocate part Paramo's production to Poland, however it was denied. However, we believe, the closure of this minor, hardly profitable refinery could be beneficial for Unipetrol. We don't expect any trading impact on Unipetrol today, given also Paramo's relatively small size in Unipetrol group.