PKN Orlen to shrink capex for exploration projects

PKN Orlen will decrease this year's capex (capital expenditures) from PLN 3.8 billion to some PLN 400 million, Wiesław Prugar, the CEO at Orlen Upstream told the media. "Capex will not be as much reduced, as disposed for the next years," Prugar pointed out. In July, the group's board of managers informed that the total value of capex may be reduced to PLN 3.2 billion. PKN Orlen has six refineries in its portfolio in Poland, the Czech republic and in Lithuania. Its consolidated revenue reached nearly PLN 107 billion last year.