Unipetrol announced yesterday that Ceska Rafinerska’s Kralupy refinery could resume its operation after one week of shutdown – according to Bloomberg. The company reported it had shutdown Kralupy refinery due to unplanned repair of turbine which occurred on 19 December 2006.
Our view:
The repair has been shorter than the 2-3 week period indicated earlier by the company; therefore we expect the negative impact on Unipetrol’s bottom line to be lower then our previous estimate of CZK 100-150m. However, we expect neutral share price reaction today, as we see the market has already priced in the news yesterday.