PLN 3.2 billion is what Orlen will be receiving shortly from the sale of its Polkomtel shares. “This is net of tax, the before-tax amount is PLN 3.672 bn”, says Jacek Krawiec, President of the Płock-based group.
He emphasises that this money will go to repayment of [the group’s] debt which rose by PLN 1.4 bn in the last quarter following the revaluation of foreign exchange borrowing. “Also, we will invest in electricity generation and raw materials extraction”, he adds.
He emphasises that, the Management Board working currently on ways of spending this money, the group will re-schedule the disclosure of its new strategy. “We are planning to put decisions on hold till the beginning of the next year”, says Krawiec. In the extraction sector, Orlen is aiming for a share in the exploitation of shale gas deposits in Poland and of oil deposits in the Baltic shelf and in the region of Lublin. “We are also monitoring developments abroad – that is, extracting companies and concessions – with particular focus on North Africa”, he explains and he adds that, as regards shale gas, the first [exploration] well is already operating in the Wierzbica commune and another is to be drilled shortly in the Lubartów poviat [(county]. “We hope the results of these projects will be positive”, he emphasises. Asked about takeovers of other operators’ shale gas extraction concessions he admits that Orlen already holds eight such licences. “Mind you, this secondary market is only taking off. I do not rule out the purchase of other concessions if attractive offers appear”, he says. What’s more, the Orlen Management Board wants to develop a strategic alliance with Canada’s EnCana. “We believe a strategic partnership with a company, which already has the relevant experience and the required technology, is the best way to go about extracting shale gas. Such an arrangement is advantageous and it would expedite [the commencement of] production”, declares Krawiec. (...)
Source: Parkiet, 2011-11-09, p.1, by K.KU