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PKN says to get dividend payout from Polkomtel

PKN Orlen, Poland's biggest oil refiner, confirmed on Tuesday the country's top mobile telecoms operator Polkomtel in which it is a key shareholder would pay a dividend totaling 464 million zlotys ($170 million) for the first three quarters of 2009.

The telecom group is 21.85% owned by energy group PGE and 4.98% by Weglokoks, with British telecom group Vodafone, Polish copper producer KGHM and PKN holding 24.39% each.

The three biggest shareholders would each receive 113 million zlotys ($41.3 million), PGE would get over 101 million ($36.91 million) and Weglokoks would receive more than 23 million ($8.41 million).

“Polkomtel's board filed a motion and the supervisory board accepted it, stipulating that 50% of Polkomtel's profit for the first nine months of the year will be paid by the end of December,” PKN's deputy CEO, Slawomir Jedrzejczyk, told reporters.

At the same news conference Chief Executive Jacek Krawiec said he expected PKN's Plock refinery to process some 15 million tons of oil next year.

Jedrzejczyk added that the Brent-Urals oil price differential had increased and refining margins had fallen in the third quarter from the previous three months.

Krawiec later told TVN CNBC television in an interview that he expects the Brent-Ural average differential and also the company's refining margins to increase in 2010.

“Margins at present are at a very low level. I think we are at the bottom,” Krawiec said in an interview with the broadcaster. (Reuters)