PKN Orlen’s CEO Mr Piotr Kownacki said their Lithuanian subsidiary Mazeikiu Nafta will unlikely post a net profit earlier than the fourth quarter of 2007.
Our view: We see the news as neutral, as the CEO’s expectations are in-line with our model assumptions. However we can imagine some minor negative share price reaction as some might have overestimated the positive impact of the announcement on the reopening of one of the three vacuum distillation columns.