Orlen earmarks PLN 3.8 billion for investments

Poland's largest oil company PKN Orlen plans capital expenditures of PLN 3.8 billion in 2014, the company said in a statement on Friday. Out of the total amount, some PLN 2 billion will be spent on development projects, the company said. The remainder will be used to finance maintenance and regulation work. Within the development pool, a large part will finance new segments of activity, such as energy projects (46 percent of the pool) and extraction (about 25 percent). About 30 percent will be spent on downstream segments. PKN Orlen's power plant investment in Włocławek will need about PLN 1 billion this year, the company's deputy CEO Sławomir Jędrzejczyk said at a conference call. He added that another PLN 600 million is earmarked for investments in the refinery, retail and petrochemical segments. “We plan to spend over PLN 200 million on the upstream segment in Poland and up to PLN 300 million on investment into Canadian subsidiary TriOil,” Jędrzejczyk said. PAP