The launch of production from the Yme field on the Norwegian Continental Shelf is one of the key investment projects of the Gdańsk-based group. Its implementation will contribute to a major increase in LOTOS Group’s hydrocarbon production in Norway. Average production over the next five years will be approximately 5,000 barrels per day.
The project intended to equip the LOTOS refinery in Gdańsk with capacities to produce high quality lubricating base oils by 2025 is entering the execution phase. On September 28th 2021, LOTOS signed a contract for the construction of a Hydrocracked Base Oil (HBO) facility. The main contractor is KT - Kinetics Technology S.p.A., with which LOTOS collaborated in the past on the EFRA Project. The value of the HBO Project totals over PLN 1.4bn.
The focus of LOTOS Exploration and Production Norge’s activities in September has been on the submission of bids in the APA 2021 licensing round and unification of the NOAKA project interests. Thanks to these and other projects under development, LOTOS is optimising its Norwegian asset portfolio so it can be leveraged to maximum advantage with future potential secured.
LOTOS ended the second quarter of 2021 with success. Having flexibly managed its product slate and sales directions and having leveraged market opportunities that came its way, LOTOS delivered a net profit of PLN 1.06bn. The Gdańsk refinery operated at full capacity.
LOTOS competence centres within the newly formed multi-utility group, summary of the status of key capital investment projects and the research agenda until 2030 were the topics of the event held on July 15th at the company’s registered office in Gdańsk. The event was attended by representatives of the LOTOS Group and members of the academic community.
On June 18th 2021, LOTOS Petrobaltic and Baltic Trade and Invest (BTI) signed a letter of intent to collaborate on offshore wind farm projects. BTI is a subsidiary of Germany’s RWE Renewables (RWER), the world’s second largest offshore wind farm developer and operator.
Grupa LOTOS has announced its financial results for the first quarter of 2021. The company reported operating profit for the period of PLN 664.3m. Despite challenging conditions triggered by the pandemic, the company safely completed the main part of the refinery maintenance shutdown and flexibly managed its product mix.
• New client for Vectron in Poland – LOTOS Kolej
• Improvement of intermodal transport in Poland and Europe
• Delivery planned in 2021
The Polske Filmdager 2020 Festival will feature a mix of film screenings, bilingual discussion panels, meetings with artists, as well as exhibitions and concerts intended to promote Polish culture among the Norwegian audience. This year, the festival will be held as a hybrid event, both on-site (in Oslo and Fredrikstad) and online. The first film screenings are slated for October 10th. The main sponsor of the event is LOTOS Exploration & Production Norge.
The feasibility study for the small-scale LNG terminal in Gdańsk has been completed. As a next step, the decision will be made whether to proceed with the project. The terminal would be the first such facility in Poland, which could help increase the use of LNG as a fuel in both maritime and road transport and thus strengthen the LOTOS Group’s position as a leader in alternative fuels.
The Grupa LOTOS Management Board has recommended the payment of a dividend of PLN 1 per share for 2019. The recommendation demonstrates the Company is in a strong financial position and continues to deliver on its business strategy, in which the company declared it would maintain its dividend payment capacity. But the recommendation is also a rational decision aimed at securing funding for the company’s capex projects and providing liquidity in a difficult time of recession caused by the coronavirus pandemic.
In late March 2020, Grupa LOTOS, LOTOS Paliwa and Remontowa LNG Systems signed an agreement to build a pilot LNG docking station, to be sited at the LOTOS service station located in Gdańsk-Osowa on the ring road bypassing the Gdańsk-Gdynia-Sopot metropolitan area (on the road to Gdynia). Its commercial operation is slated to start in mid 2021.