Russians oil leak costs Orlen millions

PKN Orlen and the Możejki refinery may face a serious problem - a minor leak in the Przyjaźń pipeline has become a pretext for the Russian's to suspend oil supplies. However, Belarus, which gets oil through the same pipeline, continues to receive it. The Możejki refinery admits that it has been buying oil on short term contracts for almost a year, therefore it is not entitled to compensation for interruption of deliveries. The Russians claim the pipeline is seriously damaged and will take at least a year to repair. In June the deputy president of Lukoil said that the company was no longer interested in supplying oil to Możejki and declared that the majority of other Russian oil suppliers think the same. Due to the uncertain stability of future oil supplies to Możejki, the share price of the Lithuanian refinery has been falling to the point where the current value of the company is USD 400 million lower than PKN Orlen is to pay for its 84.36% stake. (Parkiet, pp. 1, 5) J.L.