In its strategy approved last Friday by the supervisory board, key targets of PKN Orlen are presented for the years 2007-12. The company will invest PLN 21bn (EUR 5.7bn), or PLN 3.5bn annually compared to PLN 1.9bn in 2006. The strategy should result in EBIDTA growth to PLN 11bn from PLN 4.7bn last year.
“Half of the growth will be generated by refining sector where nearly 40 percent of all investments will go”, Piotr Kownacki, PKN Orlen CEO said.
In this sector, the company wants to produce 33m tons of oil annually. Refineries in Plock and Lithuania (Mazeikiu) will mainly increase capacities. PKN Orlen will also increase the number of its gas stations in Poland, the Czech Republic, Baltic countries and Germany by 1,000. The listed fuel giant will continue lobbying to be merged with Grupa Lotos.
“The plans show that the company is doing very well. We must remember, however, that these are only plans. Meanwhile, the acquisitions of Czech Unipetrol and Lithuanian Mazeikiu were mainly conducted thanks to former management, and especially Igor Chalupec”, Rafal Salwa, independent analyst commented.
(PLN 1 = EUR 0.271)