PKN Orlen lays out capital expenditure plans for 2017

PKN Orlen, which operates six refineries in Poland, Lithuania and the Czech Republic and also conducts mining operations in Canada, will increase its capital expenditures in 2017, in comparison to 2016, the company said in a press statement on Thursday. It will invest PLN 3.3 billion in development and 2.2 billion for maintenance and adjustments in the coming year, It added that, out of the investment in development, PLN 2.1 billion will be allocated to its downstream segment, PLN 0.8 billion to mining, and PLN 0.4 billion to the retail segment. The main development projects will be the construction of a polyethylene plant in the Czech Republic, construction of CCGT in Płock and plant construction metathesis in Płock. The company also said that it will continue exploration and production in Poland and Canada. In the retail segment, it stated that it will add some new petrol stations and modernize others, as well as expand its non-fuel products for sale. In 2016, PKN Orlen realized capital expenditures of PLN 4.1 billion, against a planned PLN 4.8 billion. Expenditures in its downstream segment amounted to PLN 3 billion, and mining and retail totaled PLN 0.5 billion.