14:26 23 June 2021
PKN Orlen has a contract for the Olefin III complex for about PLN 13.5 billion
PKN Orlen has signed an EPCC contract with Hyundai Engineering and Técnicas Reunidas for the construction of an Olefins III complex, the company said. The value of the investment is approximately PLN 13.5 billion.
“We have signed the final agreement with Hyundai Engineering and Técnicas Reunidas for the implementation of the largest petrochemical investment in Europe. The new Olefins complex in Plock will contribute to increase @PKN_ORLEN’s EBITDA by about PLN 1 billion per year and reduce CO2 emissions by 30% per ton of product” - PKN Orlen CEO Daniel Obajtek wrote on his Twitter profile.
The investment is part of the petrochemical development program, which was announced by the company on June 12, 2018, the company stressed.
“The total cost of the investment is estimated at around PLN 13.5 billion. The completion of the construction phase of the Investment is planned for the first quarter of 2024, and the production launch of the Olefin III complex for the beginning of 2025,” - we read in the announcement.
PKN Orlen Group manages six refineries in Poland, the Czech Republic, and Lithuania and also conducts extraction activities in Poland and Canada. Its consolidated sales revenue reached PLN 86.2bn in 2020. The company has been listed on the WSE since 1999.
