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Published: 4 december 2012 10:28

Poland's PKN Orlen won't sell Lithuanian oil refinery

„Mažeikių nafta“
Kęstučio Vanago/BFL nuotr. / „Mažeikių nafta“

Poland's biggest oil group PKN Orlen has unveiled a new strategy for 2013 through 2017, earmarking a total of 22.5 billion zlotys (EUR 5.5b) for investments within the five years, and has confirmed that it does not plan to sell any of its companies.

"Orlen's representatives underline that at the moment, they are not planning to sell either Orlen Lietuva, or the Czech Republic's Unipetrol, or Poland's Anwill," Energetyka.wnp.pl has reported.

Ahead of last Friday's release of the new strategy, analysts predicted that the Polish oil giant would confirm plans not to sell its Lithuanian subsidiary. Several years ago, the group hired the Japanese investment bank Nomura to work out possible scenarios for Orlen Lietuva's future, including selling the Lithuanian refinery.

"The issue of the Mažeikiai (refinery) is clear. The company has been completely removed from the potential sale list," the Polish website Cire.pl has quoted DM PKO BP analysts as saying.

In the next five years, Orlen is planning to invest 6.1 billion zlotys in the crude oil refining segment, 4.7 billion zlotys in the petrochemical segment, 2.4 billion zlotys in the retail segment, 5.1 billion zlotys in the upstream segment, and 4.2 billion zlotys in the energy segment.

The Polish group owns 100 percent of shares in Orlen Lietuva.

BNS
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Temos: 1 Mažeikių nafta
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