Orlen to spend EUR 1.9 bln to boost production
Poland's fuel concern PKN Orlen has decided to earmark PLN 8.3 billion (EUR 1.94 billion) for the development of its petrochemical segment to the year 2023, the company announced on Tuesday.
The company wrote that the development programme includes three key investment projects: building of an aromatic compound complex, further development of the Olefin Complex and expanding phenol production capacities backed by the development of R&D facilities.
The envisaged investments are to increase the petrochemical segment's production capacity by some 30 percent.
The company expects PLN 1.5 billion (EUR 350 million) annual EBITDA gain upon completion of the planned investments.
"We will place new products on the domestic market. This will guarantee a visible improvement of Poland's trade balance covering petrochemical products," Orlen's CEO Daniel Obajtek was quoted in a press release as saying.