New PKN Orlen strategy envisages zl.2 billion petrochemicals investment

A supervisory board meeting of domestic oil giant PKN Orlen yesterday approved a plan for the development of the company's petrochemicals business, involving as much as zl.2 billion of investment by 2004. As part of its new strategy PKN Orlen will establish a joint venture with Europe's leading petrochemicals producer, Basell Europe Holdings, with each side owning a 50% stake in the new company. The final version of the partnership agreement with Basell is expected to be agreed at the next PKN Orlen shareholders meeting, which is scheduled for February 21. (Gazeta Wyborcza, p. 16; Parkiet, p. 1) P.J.