Orlen records net profit of PLN 2.8 bln, may import oil from Iran or Iraq

Poland's largest refiner PKN Orlen recorded PLN 2.8 billion in net profits last year, the company reported. LIFO-based EBITDA reached a record high of PLN 8.7 billion. Sales volumes rose year-on-year, to 38.7 million tonnes, with almost 31 million tonnes of crude oil processed. The company also said it recorded a PLN 81 million loss in the last quarter of 2015, however it had to write off  PLN 400 million from the value of its Canada's assets in the quarter. According to its strategy, PKN Orlen plans to increase its dividend per share every year until 2017. Additionally, its investment expenditure is to reach 4.8 billion this year What is more, Orlen may review its strategy and long-term financial targets to adjust to market conditions. "The macro situation is slightly different today than it was in mid 2014 when our strategy was approved, and this is why our financial targets may need a new approach," PKN CEO Wojciech Jasiński said in a statement. Orlen also informed it considers deliveries from Iran and Iraq. Currently, the company receives spme 100,000 tons of crude oil from Saudi Aramco every month.