Czech Unipetrol halts crude oil refining in Paramo on weak demand.

By bne IntelliNews May 29, 2012
Unipetrol, the Czech Republic's leading petrochemical and oil refining group, has suspended crude oil refining at its Paramo refinery in Pardubice due to low demand, CIA news agency reported citing company spokesman Mikulas Duda. The restart of the refinery, which has a capacity of 20,000 barrels a day, will depend on the market conditions. Paramo will continue to produce asphalt products and lubricant oils. In October 2011, Unipetrol said it was considering ending oil processing at Paramo. A final decision is to be made by Unipetrol's majority owner Polish oil concern PKN Orlen in 2012. Unipetrol swung into a net loss of CZK 361mn (EUR 14.3mn) in the first quarter of 2012 from a profit of CZK 464mn a year ago. The group's financial results were negatively affected by higher impairment charges at Paramo.
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