Europe downstream oil in brief: what Poland's proposed merger means for the downstream value chain Report

Insight 19 March 2018

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Report summary

Following years of speculation, in February 2017 PKN Orlen announced its intention to purchase the State's shareholding in Grupa Lotos. If successful, this move would consolidate the operations of Poland's only two oil refiners. The post-merger company will control 100% of Poland's refining capacity and a 45% share of the retail fuel market. Our North West Europe Brent and Med Urals FCC gross refining margins strengthened in February, supported by strong fuel oil and gasoline crack spreads. Fuels marketing margins benefited from lower wholesale product prices and a stronger euro versus the US dollar.