an organic compound, the simplest aliphatic ketone; a popular solvent widely used for industrial and household applications, including the production of pharmaceuticals, colourings, paints, varnishes, and cleaning products; it is also often used as an ingredient in nail polish remover.

Act on Special Rights Vested in the Minister Competent for the State Treasury

the Act on Special Rights Vested in the Minister Competent for the State Treasury and How Those Rights Should Be Exercised at Certain Companies or Groups of Companies Operating in the Power, Crude Oil and Gas Fuels Sectors, dated March 18th 2010 (Dz.U. No. 65, item 404).


American Depository Receipt = certificate issued by an American bank representing a share of a foreign stock that the bank holds in trust but that is traded on an American stock exchange.


the Annual General Meeting.


refinery process in PKN ORLEN, namely that olefin and paraffin fractions are merged in order to produce high-octane gasoline component (alkylate). The process is run on alkylation installation in the presence of hydrofluoric acid.

Ambient concentration

the amount of windborne dust or gaseous substances, often transported over large distances, in a given volume of air. Such pollutants are mostly products of fuel combustion or industrial processes.

Ammonium nitrate

an inorganic chemical compound and universal nitrogen fertiliser.

Assets turnover

net revenues/average balance of assets.



unit of liquid volume used mainly in the oil industry. 1 barrel of crude oil (1 bbl) = 42 American gallons = 158.96832 l.


an organic chemical compound and the simplest aromatic hydrocarbon; used in the chemical and pharmaceutical industries to produce plastics, synthetic fibres, colourings, pharmaceuticals, detergents, and pesticides, and in the synthesis of such important chemical compounds as aniline, phenol and acetone.

Big data

this tool provides advanced analytics of available data to enable us to tailor our offering, prepare effective promotional campaigns, and segment service stations more practically (in terms of price and offering).

Biochemical Oxygen Demand (BOD)

a conventional measure indicating the quantity of oxygen needed during the oxidation of organic and/or inorganic compounds by microorganisms (aerobic bacteria). Water and effluent samples are tested for five days in the temperature of 20°C to measure how much oxygen is consumed in the process. The test indirectly indicates the content of biodegradable organic matter in the sample. BOD is used to measure the quality of water and treated wastewater.


methyl esters of higher fatty acids produced from vegetable oils or animal fats. Used as a biocomponent for diesel fuel or as a fuel for cars with diesel engines. Meets the quality standards set for the biofuel in the PN EN 14214. applicable both in Poland and other European Union markets.


ethanol derived from biomass or biodegradable waste.

Biofuel and biocomponent NIT

(National Indicative Target) – a minimum share of biofuels and biocomponents in fuels in a given year to be ensured by relevant entities, chiefly oil companies supplying fuels on the market.


barrel of oil equivalent.

Brent/Urals differential

the difference between the price of the two crudes calculated according to the following formula: Med Strip – Ural Rdam (Ural CIF Rotterdam).


a gaseous organic compound. used in the production of synthetic rubber. Butadiene is used in the production of various kinds of synthetic rubber and latex, polybutadiene rubber, liquid polybutadiene, and ABS thermoplastics.


C1 and C3 heavy fuel oils

C1 heavy fuel oil is a mixture of heavy and light components obtained by way of secondary and straight-run processing of crude oil. C1 heavy fuel oil is burned in central heating boilers, steam generators, industrial furnaces and used in industrial processes. C3 heavy fuel oil is a mixture of hydrocarbons obtained through straight-run and secondary refining of crude oil. It is burned in central heating boilers, steam generators, industrial furnaces and used in industrial processes.


increase of property, plant and equipment, intangible assets, investment property and perpetual usufruct of land together with the capitalisation of borrowing costs.


substance, which accelerates (initiates) the expected chemical reaction.

Catalyst market

the bond market of the Warsaw Stock Exchange operated on the WSE and BondSpot trading platforms.

CCGT plant in Płock

a 600 MWe Combined Cycle Gas Turbine plant to be constructed in Płock. A key part of the project will be deployment of an advanced gas turbine technology with one of the highest efficiency ratings available on the market (H-Class).


Central and Eastern Europe.

Chemical Oxygen Demand (COD)

a conventional measure indicating the quantity of oxygen (expressed in mg/L) consumed from the oxidising agent (potassium dichromate, K2Cr2O7) during the oxidation of organic and some inorganic (e.g. sulfites, sulfides, iron (II), ammonia) compounds found in wastewater to the highest level of oxidation possible under given conditions. COD is used as a measure of water and wastewater pollution.

CO2 emission allowances

property rights recognised as intangible assets, which are not subject to amortisation (due to high residual value) but are tested for impairment


fuel station owned by the Company, operated by agent (Company Owned Dealer Operated) / fuel station owned and operated by the Company (Company Owned Company Operated).


an association established by a group of leading oil companies to carry out research on environmental issues relevant to the oil industry. CONCAWE’s activities cover fuels quality and emissions, air quality, water quality, soil contamination, waste, occupational health and safety, and petroleum product stewardship (www.concawe.eu).


thermal or catalytic conversion of heavy or more complex hydrocarbons into light products and coke. which increases the yields of light products from crude oil.

Credit rating

an evaluation of an entity’s relative ability to meet its financial obligations, including the payment of interest and preferred dividends, repayment of principal, satisfaction of insurance claims, and performance of obligations towards trading partners. Credit ratings enable investors to assess the likelihood of receiving returns due on their investments.


corporate social responsibility is understood as a management strategy and approach to business which aims to build positive long-term relations rooted in mutual understanding of expectations and respect towards the broad business environment.

Current liquidity

current assets/short-term liabilities.


DeNOx flue gas denitrification unit/technology

the selective catalytic reduction technology used at the CHP plant to reduce nitrogen oxides in flue gas to molecular nitrogen in order to meet the required emission standards.

Differential Brent/Ural

difference between the quotations of two kinds of crude oil. calculated as: Med Strip – Ural Rdam (Ural CIF Rotterdam).


method of physical separation of liquid mixtures. which uses the phenomenon of differences in boiling temperatures of particular components in the mixture undergoing distribution.


the portion of a company’s net profit paid to its shareholders per each share.

Dividend payment date

the date on which dividend is paid to a company’s shareholders.

Dividend record date

the date as at which the list of shareholders entitled to receive dividend for a given financial year is determined. Only those holding shares on that date are entitled to receive dividend for a given financial year.


fuel station owned by agent and operated as franchise business (Dealer Owned Franchnisee Operated) / fuel station owned and operated by agent (Dealer Owned Dealer Operated).



exploration and production.

EBI System

the Electronic Information Base administered by the Warsaw Stock Exchange.


operating profit (loss).


earnings before interest, tax, depreciation and amortisation.

EII (Energy Intensity Index) according to Solomon’s methodology

a benchmark for comparing the energy efficiency of refineries.

Enterprise Risk management System

a key tool providing information on risks and effectiveness of their management to implement strategic and operational objectives.


(European Petrochemical Association) – an international non-commercial organisation based in Brussels which caters to the global community of petrochemical producers, including their suppliers, customers and service providers. In the oil industry, EPCA provides a platform to meet, exchange ideas, transfer learning, and serves as a think tank challenging the status quo. EPCA operates for more than 700 member companies from 53 different countries.


(European Round Table of Industrialists) – an organisation consisting of over 50 CEOs of European industrial companies, founded in 1983.

ESG criteria

(Environmental, Social, Governance) – factors used to evaluate the non-financial performance of companies, states and other organisations. The criteria are composed of three elements: E – Environmental, S – Social responsibility and G – Governance. Their main function is to enable investors to compare alternative investment opportunities through analysis of the three parameters.


(IUPAC name: ethene) is a hydrocarbon which has the formula C2H4 or H2C=CH2. It is a colorless flammable gas with a faint „sweet and musky” odour when pure. It is the simplest alkene (a hydrocarbon with carbon-carbon double bonds). Ethylene is widely used in the chemical industry, and its worldwide production (over 150 million tonnes in 2016) exceeds that of any other organic compound. Much of this production goes toward polyethylene, a widely used plastic containing polymer chains of ethylene units in various chain lengths. Ethylene is also an important natural plant hormone, and is used in agriculture to force the ripening of fruits. Ethylene’s hydrate is ethanol.

ETS system

Enterprise Risk Management System a key tool providing information on risks and effectiveness of their management to implement strategic and operational objectives.


the EU emissions trading system, a community market for trading in CO2 emission allowances.


(Euro Interbank Offered Rate) – an interest rate for interbank loans offered on the interbank market in the Eurozone.


Fertilizers Europe

an association of Europe’s largest fertiliser manufacturers.

Financial gearing

net debt/equity x 100%.

Financial leverage

net debt/equity x 100%.


G7 turbine generator set

a 70 MWe pass-out and condensing turbine generator set installed in the CHP plant’s existing structure to increase its generation potential.


Global Depositary Receipt = security issued outside of Poland by the Depositary Bank in relation to shares.

General Directorate for Environmental Protection

(Generalna Dyrekcja Ochrony Środowiska, GDOŚ) – an institution responsible for the implementation of the environmental protection policy within the scope of the management of environmental protection activities (including Natura 2000 sites) and control of investment projects. It also carries out tasks designed to prevent and repair damage to the natural environment.


the simplest dihydroxy aliphatic alcohols. Ethylene glycol is used in the production of polyesters (plastics, fibres and resins) and antifreezing formulations (as a 40-62% aqueous solution). Glycols are also used as solvents, plasticisers and ingredients of explosive materials.

Gross margin in sales

profit before tax / sales revenues x 100%.

Gross profit margin

profit before tax / revenue x 100%.

Gudron Hydrodesulphurisation Unit (GHO)

a refining unit where the vacuum residue from the fractional distillation unit is processed into lighter fractions and where the vacuum residue is prepared, through hydrodesulfurization, for combustion at the CHP plant.


High-performance cogeneration

the production of electricity or mechanical energy and heat in cogeneration what allows savings of primary energy used in cogeneration unit in amount not lower than 10% in comparison to production of electricity and heat in separated systems or in cogeneration unit of installed electric capacity below 1 MW in comparison to production of electricity and heat in separated systems.


organic compounds made of carbon and hydrogen. Crude oil and natural gas are mixtures of hydrocarbons.


cracking of hydrocarbon raw materials in the presence of hydrogen. This process raises the efficiency of light products from crude oil.


the process of removing sulfur compounds in the raw material by contact with hydrogen at the catalyst bed under high temperature and pressure.


Impairment losses

impairment losses on non-current assets recognised in accordance with IAS 36 Impairment of assets.

Inactive employees

employees inactive due to long-term absence, i.e. on unpaid leaves, maternity leaves, childcare leaves, and parental leaves, or receiving rehabilitation benefits or absent due to military service.

Industrial Emission Directive (IED)

Directive 2010/75/EU of the European Parliament and of the Council on industrial emissions.

Inventory turnover

average amount of inventories/net revenues x 365 days.

Inventory valuation

LIFO adjustment.



(Key Performance Indicators) – financial and non-financial (e.g. downstream) indicators used to measure the progress of objectives in an organisation.


Liabilities turnover

average amount of trade liabilities. gross /cost of goods sold x 365 days.


(London Interbank Offered Rate) – an interest rate for interbank loans offered on the interbank market in London.


reported 2014 EBITDA + inventory valuation.

Light fuel oils

mixtures of petroleum-based hydrocarbons containing 9-25 coal atoms per molecule. Light fuel oil can be used to power vehicles and for heating purposes.


the lockout-tagout safety procedure, based on locks and tags that are used to isolate hazardous energy sources, which includes securing machines, equipment and systems in the place where work is performed to prevent their accidental startup.


(Liquefied Petroleum Gas) – a mixture of liquefied hydrocarbons, consisting primarily of propane and butane, and containing a small amount of propene, butene and C5 hydrocarbons. LPG is used as cooking, heating and engine fuel.


Mandatory stocks

legal regulations on mandatory stocks of crude oil or fuels (excluding LPG) that have to be observed by companies and traders operating on the Polish market.

Med Strip

brent crude oil quotation.

Metathesis unit

a unit designed to increase annual propylene production at the Płock plant to 550,000 tonnes.

Model Downstream Margin

calculated according to the following formula: revenue (90.7% Products = 22.8% Gasoline + 44.2% Diesel oil + 15.3% Heavy fuel oil + 1.0% SN 150 + 2.9% Ethylene + 2.1% Propylene + 1.2% Benzene + 1.2% PX) minus costs (100% of feed = 6.5% Brent crude + 91.1% URALS crude + 2.4% Natural gas).

Model olefin margin

It is calculated by the following formula: revenue (100% of products = 0.85*Ethylene*54% + 0.2*Propylene*28% + 0.84*Glycols*9% + 0.81*Butadiene*6% + 0.8*Ethylene Oxide*3%) less costs (100% of feedstock = 100% kerosene); product prices based on market prices.

Model Petrochemical Margin

calculated according to the following formula: revenue from sales of products (98% Products = 44% HDPE + 7% LDPE + 35% PP Homo + 12% PP Copo) minus costs (100% of feed = 75% crude oil + 25% LS VGO); based on market prices, contract prices.

Model Refining Margin

calculated according to the following formula: revenue from sales of products (93.5% Products = 36% Gasoline + 43% Diesel oil + 14,5% Heavy fuel oil) minus costs (100% of feed: crude oil and other feedstock); total feed calculated based on Brent crude prices on the spot market.


molecules of the same type or number of different kind of compounds characterize not very high molecular weight. which can form polymers during polymerization reaction.


a stock index comprising 40 medium-sized companies listed of the WSE Main Market.


Natural Gas Liquids

hydrocarbons in the liquid state, derivated from natural gas and produced during processing (in the separation process).

Net debt

non-current loans, borrowings and bonds + short-term loans and borrowing – cash and cash equivalents.

Net drillings

the number of drillings corrected with the share of other partners.

Net margin on sales

net profit / sales revenues x 100%.

Net profit margin

net profit / revenue x 100%.

Net wells

the number of wells adjusted for other partners’ interests.

Net working capital

trade receivables + inventories – trade liabilities net profit / equity x 100%.



the Organization of the Petroleum Exporting Countries headquartered in Vienna, which aims to coordinate and unify the petroleum policies of its members. OPEC comprises the following members: Algieria, Angola, Saudi Arabia, Ecuador, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Venezuela, and United Arab Emirates.


an organic chemical compound and aromatic hydrocarbon, a derivative of benzene. It is used as an intermediate product in the production of phthalic anhydride and motor gasolines, and as a paint and varnish solvent and thinner.

OSHA 1910

Occupational Safety and Administration Standard No. 1910, setting out rules and methods that should be applied and respected to protect employees from hazards. The standard refers to process safety.



an organic chemical compound used in the production of polyamide fibres, phenoplasts, colourings, pharmaceuticals, and plant protection products. It also has antiseptic and preservative properties.

Polish Power Exchange

(Towarowa Giełda Energii, TGE) – an exchange where electricity, liquid and gas fuels, and emission allowances are traded. The Polish Power Exchange began operations on June 30th 2000, which is when the first electricity supply contracts were executed on its Day-Ahead Market. It currently operates the Day-Ahead Market, Commodity Forward Instruments Marketwith Physical Delivery, and the RES and CoGeneration Property Rights Market. The Polish Power Exchange also maintains a register of certificates of origin for electricity produced from RES and high-efficiency co-generation, and operates a CO2 emission allowance market.


a polymer obtained through the polymerisation of ethylene (ethene). Polyethyelene is used in the production of prostheses, electrical insulation, films, pipes, tubing, containers, hockey sticks, skis, sails, ropes, bulletproof vests, toys, and packaging.


chemicals of very high molecular weight. which consist of many repeated units called mers polyethylene and polypropylene.


a polymer obtained through the stereospecific polymerization of propene, used to produce fibres, films, and technical-grade products.


Prague Interbank Offered Rate.


an organic compound, unsaturated hydrocarbon. Propylene is used to produce various organic compounds, such as polypropylene, isopropyl alcohol, glycerin, and isopropylbenzene.


terephthalic acid (a portmanteau of the turpentine-producing tree terebinthus, and phthalic acid)is the organic compound with formula C6H4 (CO2H)2.


polyvinyl chloride, a plastic polymer typically used in the production of flooring, window and door frames, accessories (various types of edge banding), piping and fittings for indoor installations, sidings, films, and electrical insulation (for wires and cables).


Quick liquidity

(current assets– inventories – prepayments)/ short-term liabilities.



under the REACH regulation, the MSDS documents form the key tool used in order to ensure information flow along the supply chain. Pursuant to Art. 31 of REACH, the supplier of a substance or mixture is required to deliver to the customer an MSDS document in the official language of the member state in whose territory a given substance or mixture is marketed.

Receiveables turnover

average amount of trade receivables. net/ net revenues x 365 days.


an index comprising socially responsible companies listed on the Main Market of the Warsaw Stock Exchange. Corporate social responsibility is understood as a management strategy and approach to business which aims to build positive long-term relations rooted in mutual understanding of expectations and respect towards the broad business environment.

Responsible Care

the ‘Responsible Care’ programme has operated in Poland for 22 years under the auspices of the Polish Chamber of Chemical Industry. It is a global pro-environmental initiative of the chemical industry, implemented in Poland by 31 companies from the chemical and related sectors, which engage on a voluntary basis in environmental protection, health protection, and process safety enhancement projects.

Responsible Care Framework Management System Certificate

a document certifying that PKN ORLEN operates in compliance with the highest management standards in the areas of health, safety and environmental protection and in accordance with the principle of sustainable development and corporate social responsibility, as well as legally prescribed environmental standards. All work is carried out in a professional manner, with due consideration to current and future environmental impacts.


net profit/ total assets x 100%.


operating profit after tax and before write-down the value of assets / average capital employed (shareholders’ equity + net debt).


LIFO operating profit after tax and before write-down the value of assets / average capital employed (shareholders’ equity + net debt).


net profit / equity x 100%.



(Selective Catalytic Reduction) unit – a flue gas denitrification unit which uses selective catalytic reduction to treat the flue gas from steam generators. The SCR unit installed on boilers is part of the PKN ORLEN ‘Green Energy’ Investment Programme launched in 2010, which aims to bring the CHP plant in Płock in compliance with the requirements effective as of 2016.

Soda lye

an aqueous solution of sodium hydroxide (NaOH).It is used in many industries as a chemical base in the production of organic and inorganic chemicals, pulp, aluminium and other metals, textiles, as well as in the production of food and treatment of water.

Sodium hydroxide, lye, caustic soda, NaOH

inorganic chemical compound from the group of hydroxides, one of the strongest alkali It is used for the production of soaps, detergents, cellulose, viscose rayon, dyestuffs, paper and waterglass. It is also used in oil refining, and can be used as absorbent and reagent.



the number of events with greater consequences in relation to the release substance into the environment x 1 000 000 / number of hours worked.


the number of events with smaller consequences in relation to the release substance into the environment x 1 000 000 / number of hours worked.

Terephthalic acid

an organic chemical compound and aromatic acid. Purified terephthalic acid (PTA) is used primarily in the production of polyethylene terephthalate (PET), polyester fibres and polyamide fibres with a high tensile strength.


Authorised Economic Operator (AEO) certificate found in the Community Customs Code, the concept of the Authorised Economic Operator was introduced into the European Union’s legal framework on January 1st 2008 to create a secure supply chain and combat terrorism. Entities awarded the Authorised Economic Operator status enjoy multiple benefits in conducting their trade activities. AEO status awarded in one EU member state is recognised across the entire Community The Minister of the Environment’s Regulation of August 24th 2012 concerning the concentration of certain substances in the air (Dz.U. of 2012, No. 177, item 1031).

The Employee Support System

is a behavioural programme aimed at encouraging safe and eliminating unsafe behaviours. Its implementation is one of the multi-directional measures to improve the Company’s safety culture.

The Lockout - Tagout (LOTO) system

is a scheduled activity which consists in cutting off power supply to industrial equipment and machinery whenever maintenance or repair work is performed.Lockout prevents employees from switching on the machine until it is disabled. Tagout refers to a tag which informs and warns that a given machine is locked out while maintenance work is being performed, and may not be switched on until the tag is taken off. The system has been implemented to eliminate accidental and uncontrolled switching on of machines or hazardous energy releases during operation, development, repair and maintenance works, and thus prevent accidents and incidents resulting from inadvertent start-up or re-energising of machines, devices or installations.


Tonne Oil Equivalent (toe) – energy equivalent of one metric ton of crude oil with a calorific value equal to 10 000 kcal/kg.


an organic chemical compound and aromatic hydrocarbon. High-purity toluene is typically used as an intermediate product in the production of organic intermediate products, colourings, detergents, solvents, adhesives, explosive materials, and motor fuels.


Total Recordable Rate = an internationally recognised metric of a company’s rate of workplace accidents, determined as follows: (number of workplace accidents in a period of time / number of hours worked in the same period) x 1,000,000.

TSR (Total Shareholder Return)

an economic measure indicating returns to investors holding shares in a company in a given period.



exploration for and production of hydrocarbons.


ural crude oil quotation in Rotterdam.



(Vilnius Inter Bank Offered Rate) – an interest rate for interbank loans offered on the Lithuanian interbank market.


Waste Management Procedure

an internal document of the Company regulating its waste management procedures, prepared in accordance with applicable laws.

White product yield

the yield of gasoline, diesel and heating fuel, fuel fractions, dry and liquefied petroleum gas compared to the amount of processed crude oil.


(Warsaw Interbank Offered Rate) – an interest rate for interbank loans offered on the Polish interbank market.


an industry index comprising WIG index companies operating in the fuel sector.


a stock index comprising only the shares of Polish companies traded on the WSE Main Market which satisfy the basic eligibility criteria.


a stock index calculated based on the value of the 20 largest and most liquid stocks traded on the WSE Main Market.


a stock index calculated based on the value of the 30 largest and most liquid stocks traded on the WSE Main Market.


trade receivables + inventories – trade payables.

The website uses cookies. We use information saved using cookies for statistical purposes and to adapt the website to the individual needs of users. You can change cookie settings in your web browser. Read more about cookies and protecting your privacy here