PKN Orlen revises strategy

PKN Orlen, the largest oil refiner in Poland has cut its annual investment spending in the next five years and plans to off load its investment in telecom and chemical businesses in order to focus growth, the company's updated strategy for 2009-2013 showed.

According to the strategy, the company has cut its annual capex spending to zł.2.5 billion from zł.3.5 billion, as outlined in the 2007-2012 strategy. The new spending will total zł.12.6 billion in 2013 as compared to zł.21.3 billion, from a year before. PKN has also become more cautions when it comes to its EBITDA forecast at zł.7.8 billion in 2013 compared to zł.11 billion in 2012.

The company has also upheld its plan to sell its stake in Anwil and Polkomtel. "We want to get out of telecommunications in order to use the profits to implement them into areas where we do want to grow," Jacek Krawiec, president of PKN Orlen said during a press conference. "We want to sell Anwil. We want to leave Polkomtel as quickly as possible, as quickly as the economic situation allows it."

Krawiec said that PKN Orlen wants to develop the upstream oil segment and develop in the energy segment. (AO)