's Trzebinia refinery issued a statement yesterday saying that it will buy more than 300,000 tonnes of crude oil from PGNiG
between March 28, 2007 and December 31, 2008 for PLN 355.74m (some USD
Our view: Although the exact delivery volume is unknown, calculating with exactly 300 kt it seems that PGNiG
will sell its crude oil at 57.0 US$/bbl to Trzebinia refinery which means 10-12 US$/bbl discount to Brent
versus 7 US$/bbl discount we have calculated in our PGNiG
model. If we calculate with 315 kt (this is implied by the statement of Trzebinia that 15,000 tonnes of oil would be delivered by PGNiG
until end 2008) the discount would come at 15 US$/bbl. We are keen to hear more on this contract later today, however, at the first sight the terms of the contract seem more unfavorable for PGNiG
than we thought before.