Orlen to spend nearly PLN 11 bln by 2017

By 2017, Poland's largest oil refiner is earmarking some PLN 10.8 billion for its development within the company's strategy for years 2014-2017, according to the Integrated Report. Orlen believes that this year "will see further significant fluctuations of crude oil market prices," a report indicated.  The refiner enumerated some market risks that it may face in the near future, such as changes in refining and petrochemical margins on products sold, changes in the Brent/Urals differential, changes in the prices of CO₂ emission allowances and changes in crude oil and refining product prices. What is more, the company evaluated that it is  "exposed to the risk of cash flow changes caused by interest rate movements. Certain assets and liabilities held by the Group generate interest income and expense based on floating interest rates." Through the construction of two CCGT (combined-cycle gas turbine) units in Płock and Włocławek, Orlen will establish "a strong position in the power generation market, and with the group’s modern assets, the investment will generate significant profits, " the report also read. By 2017, Orlen plans to carry out a number of initiatives involving the use of advanced technologies related to its current value chain.