On Wednesday, November 26th, the updated strategy of PKN Orlen for the years 2009-2013 will be published. Next week, before it is published, the supervisory board is supposed to approve of it. This is the second time the board will do it. A month ago, the previous strategy was ready. However, because of volatile financial markets, the deadline to approve of it was delayed.
“We got one month to think about vital changes in the strategy. When we started to work over the document in summer, an oil barrel cost USD 150, today it costs USD 50. We couldn’t have ignored this type of changes within the macroeconomic environment”, Maciej Mataczynski, PKN Orlen chairman said.
Jacek Krawiec, PKN Orlen CEO, does not want to reveal what kind of changes will be implemented.
“I cannot say anything. I don’t know myself which proposals the supervisory board approves of”, Jacek Krawiec admitted.
He had revealed before some details however. He aims to increase Orlen’s value which today amounts to only PLN 10bn (EUR 2.5bn). Therefore, he plans to merge oil and energy companies within PKN Orlen’s group. The company wants to develop its exploration business and strengthen the petrochemical one. The company must decide whether to remain chemical producers and if it really needs PLN 21bn for investments as planned before.
(PLN 1 = EUR 0.259)