PKN Orlen, Poland's largest oil refiner, has cut its annual capital expenditures forecast for the next five years in the 2009-2013 strategy it published last week.
The firm also plans to off-load its investments in the telecoms and chemicals sectors in order to focus on growth.
The company slashed its annual capex spending to zł.2.5 billion, down from the annual average of zł.3.5 billion outlined in its previous strategy.
Expenditures to be made between 2009 and 2013 will amount to zł.12.6 billion, compared to the zł.21.3 billion called for in the 2007-2012 strategy. The bulk of the new figure will be spent on development in the areas of refining and petrochemicals.
Orlen has also become more cautious concerning its EBITDA estimate, which is expected to amount to zł.7.8 billion in 2013, down from the zł.11 billion previously forecast for 2012.
Orlen has also confirmed its plan to sell stakes in chemical firm Anwil and in Polkomtel, operator of the Plus mobile network. Jacek Krawiec, the president of Orlen, told the press that after years of dynamic growth, the appearance of the global financial crisis meant it was time for the firm to clean up, simplify its activity and think of strategies to cope.
"We want to get out of telecommunications in order to use the profits, to implement them in the areas where we do want to grow," Krawiec said. "We want to sell Anwil. We want to leave Polkomtel as quickly as possible, as quickly as the economic situation allows it," he added
Krawiec said that Orlen wants to expand its upstream oil operations and further develop its activities in the energy sector. The company plans to increase diesel production and crude oil processing. It also plans to enter new markets, such as Ukraine, and to cooperate with new partners in Belarus.
