By Katarzyna Klimasinska and Marta Waldoch
Nov. 26 (Bloomberg) -- PKN Orlen SA, Poland’s largest oil refiner, will invest 12.6 billion zloty ($4.3 billion) through 2013 to increase profitability of its operations in Poland, Czech Republic and the Baltics.
Orlen will invest an annual 1 billion zloty in refining, and 140 million zloty in getting access to oil deposits and drilling, the Plock, central-Poland based company said in a regulatory statement today.
Jacek Krawiec, who became Orlen chief executive officer Orlen in September, wants the company to drill for crude in Ukraine and Africa, and expand into electricity production, he said in interviews following his appointment.
PKN expects its earnings before interest, taxes, depreciation and amortization to be at 7.8 billion zloty on a LIFO basis, the company said.
Orlen, state-controlled, currently derives most of profit from turning oil imported from Russia into diesel, gasoline and petrochemicals sold in central Europe.
To contact the reporter on this story: Katarzyna Klimasinska in Warsaw at kklimasinska@bloomberg.net; Marta Waldoch in Warsaw on mwaldoch@bloomberg.net.
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