Integrated Annual Report 2014

Risk and opportunities

In this Chapter:
  • Enterprise risk management policy

    To ensure secure and effective pursuit of our strategic and operational objectives, we have put in place an Enterprise Risk Management system at the LOTOS Group.

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  • Management segment

    In the management segment, we identify political, legal, reputation and social risks as well as the risk of misconduct.

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  • Exploration and production segment

    In the Exploration and Production segment, we identify exploration risks, technical and production risks, risks related to exploration and production projects and financial risk.

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  • Operational (refining) segment

    In the operational (refining) sector, we identify operational risks related to the refinery and environmental risks, including risks related to carbon emission caps.

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  • Financial segment

    In the financial segment, we identify the risk related to prices of raw materials and petroleum products, the risk related to prices of carbon allowances, liquidity risk, currency risk, interest rate risk, credit risk in financial and trade transactions, the risk of limited access to external financing or changes in lending terms and the risk related to debt servicing as well as the risk of adverse changes in tax regulations, interpretations or court rulings.

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  • Marketing segment

    In the marketing segment, we identify the risk of crude supply interruptions or reduced crude supply, the risk of changes in margins on product sale and the risk of decline in domestic demand.

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