PKN Orlen to invest USD 1.6 billion in Możejki refinery

The targets for the next few years include restoring production capacity (after last year's fire), raising efficiency and modernizing the plant. To achieve this, Orlen will invest $300 million this year alone in the plant and a total of $1.6 billion within six years. "Thanks to these investments, the EBITDA rate is to amount to around EUR 700-800 million annually after 2012," said Orlen's deputy president, Paweł Szymański. This means that the purchase of the Możejki plant, which cost Orlen $2.34 billion, will pay off in six to seven years. Orlen's representatives disclosed that these investments in the Możejki refinery will be financed partially through investment cuts in Poland. (Rzeczpospolita, p. B3; Parkiet, p. 4; Puls Biznesu, p. 6) A.K.