In April 2017, LOTOS reported a model refining margin of USD 8.03 per barrel, while the Q1 2017 margin has been estimated at USD 7.34 per barrel.

In the first quarter of 2017, LOTOS reported a consolidated net profit of PLN 411 million, up 287% year-on-year. From January to March 2017, the consolidated EBIT stood at PLN 577 million, an increase of 318% year-on-year, and the EBITDA LIFO (without one-off effects) totalled PLN 682 million, up 25% year-on-year.

In a move to enhance its brand recognition in the world, Grupa LOTOS has signed up Agnieszka Radwańska, Poland’s best female tennis player, to become LOTOS ambassador for the next three years. In partnership with Ms Radwańska, LOTOS also plans to launch sports educational programmes addressed to talented Polish youth.

Consolidated LIFO-based EBITDA, normalised to remove one-off items, reached almost PLN 2.6bn in 2016, 20% up on 2015.

Consolidated LIFO-based EBIT soared 175% year on year, to PLN 1.9bn. Consolidated net profit for the year exceeded PLN 1bn, the best ever result delivered by the Group. To compare, in 2015 LOTOS reported a net loss of PLN 0.3bn.

The progress of the EFRA Project to construct a huge complex of units in the Grupa LOTOS refinery reached a halfway point taking into account the design, supply as well as construction and assembly work. A huge crane has placed the largest and heaviest reactors and distillation columns a top high foundations. Among the gigantic elements put in place, the heaviest are the hydrowax distillation column weighing in at 300 tonnes  and two coke drums weighing 290 tonnes each. Heavy lifting, the most spectacular task under the EFRA Project, is finished.Most construction work was entrusted to Polish workers.

From March 3rd to April 15th 2017, an overhaul shutdown will take place at the LOTOS refinery in Gdańsk. Preparations for the project have lasted 1.5 years. Importantly, the stoppage will not affect LOTOS customers.

Today, the Supervisory Board of LOTOS Petrobaltic changed the composition of the company’s Management Board following the resignation of Marcin Jastrzębski, President of the Grupa LOTOS Management Board, from the position of President of the Management Board of LOTOS Petrobaltic S.A.

The Polish Office of Competition and Consumer Protection (UOKiK) inspected one in every seven LOTOS service stations. In each case, the quality of fuels at the pump met the required standards.

In early January 2017, the percentage of completion of the EFRA Project exceeded 54%, compared with the scheduled target of 37.2%. Two new chimney stacks now overlook the construction site. Four large tanks of the coke dewatering section are being prefabricated near the CHP plant.

The 290 tonne column for the HVDU unit has arrived from Rotterdam by sea at Grupa LOTOS’ refinery in Gdańsk. It is the largest and heaviest component of the EFRA Project units.

The Supervisory Board of Grupa LOTOS S.A. has closed the recruitment process to select members of the Company’s Management Board. Marcin Adam Jastrzębski was appointed President of the Management Board, having resigned from his former position as Vice President of the Management Board, Chief Operating Officer. Jarosław Paweł Kawula was appointed to the Management Board of the ninth term as its Vice President, Chief Refining Officer.

In December 2016, LOTOS reported a model refining margin of USD 6.96 per barrel, while the Q4 2016 margin has been estimated at USD 8.18 per barrel.