Polish oil refiner PKN Orlen SA said that it will launch a petrochemical investment program worth 8.3 billion Polish zlotys, according to a June 12 release.
Under the program, new petrochemical expansion projects are expected to be delivered at the Plock and Wloclawek sites by 2023. The program will also involve the construction of new and the expansion of existing production capacities of aromatic derivatives, olefins and phenol, the release adds.
Daniel Obajtek, CEO and president of the PKN Orlen, said that the investment program will increase the company's petrochemical production capacity by approximately 30% and that annual EBITDA may increase by an estimated 1.5 billion Polish zlotys following completion of the projects.
The company also provided an update to ongoing petrochemical projects. The construction of the metathesis unit in Plock, to produce polymer-grade propylene, is proceeding on schedule. A project, worth over 400 million Polish zlotys, should increase the plant's current nominal capacity from 450,000 tons of propylene to 550,000 tons and is expected to come online early during the second half of 2018.
As of June 13, US$1 is equal to 3.63 Polish zloty.