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Polish refiner PKN sees investment at USD37B in 2020-2030

December 01/2020

MOSCOW (MRC) --  Poland's biggest oil refiner PKN Orlen expects to invest around 140 billion zlotys (USD37.45 billion) over the next ten years as it shifts focus to building clean energy sources rather than oil refining, reported Hydrocarbonprocessing with reference to the company's statement.

The company said in September that it plans to become climate neutral in the next 30 years, although Poland is the only European Union state which has not pledged to cut emissions to zero by 2050.

"We are opening a new chapter in the history of PKN Orlen. We are building a new multi-energy group, capable of competing in the face of significant changes," PKN Orlen chief executive Daniel Obajtek said in a statement.

PKN Orlen wants to have 2.5 gigawatts of installed capacity in clean energy sources by 2030, including 1.7 GW in offshore wind in the Baltic Sea. The group will cut carbon emissions from its refining and petrochemical assets by 20% and in its energy segment by 33% over the period.

"We are preparing for changes, especially that oil refining will be becoming less significant," Obajtek said, adding that renewable energy sources and the petrochemical segment will be key drivers of the group's core profit (EBITDA).

The group plans to more than double EBITDA, or earnings before interest, tax, depreciation and amortization, to around 26 billion zlotys in 2030. It wants to pay out a dividend of at least 3.5 zlotys per share, and sees its capital needs at around 205 billion zlotys over the period.

As MRC reported earlier, in June 2020, Honeywell announced that PKN Orlen plans to use the UOP Q-Max and Phenol 3G technologies to produce 200,000 metric tons per year of phenol at its facility in Plock, Poland.

Phenol is one of the main feedstocks for the production of bisphenol A (BPA), which, in its turn, is used for the production of polycarbonate (PC).

According to MRC's ScanPlast report, Russia's estimated consumption of polycarbonate (PC) granules (excluding imports and exports to/from Belarus) rose in the first three quarters of 2020 by 32% year on year to 75,600 tonnes  (57,200 tonnes a year earlier). And although in the injection moulding sector, the market dropped by 5% with consumption of 7,300 tonnes year on year (7,700 tonnes), it increased by 39% in the extrusion sector to 67,400 tonnes (48,600 tonnes a year earlier). The blow moulding sector grew in January-September 2020 by 1% year on year to 880 tonnes (870 tonnes a year earlier).
Author:Margaret Volkova
Tags:bisphenol a, PC, crude and gaz condensate, phenol, sheet extrusion, petrochemistry, Honeywell, PKN Orlen, Poland, Russia.
Category:General News
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