The financial performance of the LOTOS Group in 2018 confirms its robust condition. The Group delivered a consolidated net profit of PLN 1.6bn and adjusted LIFO-based EBITDA of PLN 3.1bn, the highest figure on record. Revenue came in at PLN 30.1bn, up 24.5% on 2017, and CAPEX spending was PLN 1bn. The refinery processed the largest amount of crude oil in its history – 10.8 million tonnes. At the end of 2018, the LOTOS share price on the Warsaw Stock Exchange came close to PLN 90 per share. For the second year in a row, the Company paid dividend.

Grupa LOTOS and Microsoft have signed an agreement paving the way for the development of joint projects and solutions based on artificial intelligence and state-of-the-art information technology. Their collaborative partnership will commence with the establishment of the Competence Centre for Artificial Intelligence, Digital Innovation and Advanced Data Analytics. The expected synergy gains from up-to-date technology solutions are estimated to exceed EUR 10m.

LOTOS has reached an agreement with KT-Kinetics Technology, the main contractor on the EFRA Project. According to a draft annex, the delayed coking unit (DCU) is to reach the RFSU (ready for start up) status by May 31st 2019. The target economic and financial effects of the EFRA facilities are expected to show in the Group’s consolidated financial results for Q4 2019.

The Grupa LOTOS refinery operated at full capacity in the third quarter of 2018. The Group considerably improved its operating and financial performance and significantly reduced its debt during the period.

LOTOS Lab and LOTOS Kolej are running a project to construct two prototype hybrid shunting locomotives. This means that the two modernised locomotives will be electrically powered by a lithium-ion battery, while the alternative drive will be diesel in one locomotive and hydrogen in the other.

Since October 1st, the spokesperson for Grupa LOTOS S.A. has been Adam Kasprzyk, who filled a vacancy which existed since November 2016.

LOTOS Petrobaltic has commenced another stage of a project to construct a 75-kilometre long gas pipeline between the B8 field production hub and the Energobaltic CHP plant in Władysławowo. The pipeline, laid on the Baltic seabed, is now being secured with concrete mattresses. The task is being performed by Sylur, a multi-purpose vessel.

On September 25th 2019, representatives of the Warsaw University of Technology, Grupa LOTOS S.A. and LOTOS Lab signed documents initiating joint R&D activities. The parties are joining forces to prepare the prototypes of selected equipment for low emission transport and energy storage. The event was attended by Tomasz Dąbrowski, Undersecretary of State in the Ministry of Energy.

Jarosław Wittstock, manager with nearly 25 years of experience, was appointed to the Management Board, Vice President for Corporate Affairs.

Offshore Northern Seas (ONS), one of the largest and most prestigious showcase events for the offshore oil and gas industry in the world, takes place in Stavanger, called the Norwegian capital of the oil industry, from August 27th to August 30th 2018. LOTOS stand presents the Group’s activities in oil and gas exploration and production. ONS is a biennial event, held in Stavanger since 1974.

In the first half of 2018, the LOTOS Group earned more than PLN 850m in net profit (up 50% year on year). During the period, the Gdańsk refinery processed over 5 million tonnes of crude oil (25.5% more than a year before), 36% of which was imported from countries other than Russia. Despite lower refining margins and depreciation of the US dollar against the złoty, the LOTOS Group generated a consolidated LIFO-based EBITDA of almost PLN 1.4bn.

Robert Kubica, one of the most recognisable Polish athletes, has become the brand ambassador of Dynamic, an energy drink offered by LOTOS service stations since early June. July will see the launch of LOTOS Quazar Dynamic, a new line of fully synthetic, fuel-saving and technologically advanced engine oils, across the LOTOS retail chain.