Grupa Lotos has signed majority of contracts with companies which will implement its 10 plus program. Now, it has to get funds for the program.
“In September, we will start talks with banks”, Pawel Olechnowicz, Grupa Lotos CEO said.
He assures that the development program is in accordance with the policies of the present government. The name, 10 plus, states for the year it will be launched (2010), the capacity (which will grow to over 10m tons of oil annually), market share Lotos aims to get (10 percent), capitalization (over PLN 10 billion, or EUR 2.6 billion, up from PLN 5 billion today) and its own oil exploration (10 percent). Lotos said that after the project is implemented, its sales will grow from PLN 13 billion to PLN 20 billion. The development program is worth EUR 1.4 billion.
(PLN 1 = EUR 0.261)