Lotos to spend PLN 6 bln on 3 key projects

Refinery giant Lotos Group will spend PLN 6 billion on three key projects in the coming years , said Paweł Olechnowicz, CEO of the company. A delayed cocking installation is among the investements. It will help the company increase refining margins by $2 per oil barrel, Olechnowicz told Rzeczpospolita and Parkiet. The other investments concern the development of the  B4 and B6 gas fields located beneath the Baltic Sea. The third project foresees the development of the  B8 gas field. "In this case, we were able to achieve a significant reduction in the cost of the investment, which will positively impact its profitability," said Olechnowicz. Lotos Group has partly completed the process of securing the funds. "In the coming weeks we should have signed another loan agreement, ensuring the implementation of the projects," Olechnowicz also said.