PKN Plans to Invest PLN 5.4 Bln per Year

Poland's biggest oil refiner PKN Orlen plans to invest 5.4 billion zlotys ($1.27 billion) a year, mostly on development projects, in 2017 and 2018, the company said in its new strategy released on Thursday evening.

 

* The state-run refiner also said that it sees its earnings before interest tax, depreciation and amortisation (EBITDA) (calculated on a LIFO basis) over the years 2017-2018 at 8.8 billion zlotys a year.

 

* PKN plans to maintain its dividend policy, which assumes increasing the payout per share. The company paid a dividend of 2 zlotys per share from 2015 profit.

 

* PKN also said it wants to keep its leverage below 30 percent.

 

* Earlier on Thursday PKN's smaller rival Grupa Lotos published its strategy, in which it said it would invest 9.4 billion zlotys ($2.23 billion) by 2022.


($1 = 4.2458 zlotys)

(Reporting by Marcin Goclowski; Writing by Agnieszka Barteczko and Marcin Goclowski; Editing by Adrian Croft)