The updated strategy was unveiled by CEO Daniel Obajtek on Tuesday, Polish state news agency PAP reported.
Obajtek told reporters in Warsaw that the strategy update “represents a symbolic conclusion to a series of mergers with leading energy firms.”
He added: “Energy transition will become the foundation of economic growth and of efforts to boost the security of Poland and the region.”
'We will invest a total of PLN 320 billion'
The Orlen Group said in a statement: “By 2030, our current production assets will become cleaner and more efficient. We will also expand new business fields, based on renewable resources. We will invest a total of PLN 320 billion (EUR 68 billion), of which some PLN 120 billion (EUR 25.5 billion) in green projects, making us independent of fossil fuels.”
Obajtek said that energy transition must above all entail new jobs and new investment projects.
“And this is precisely the kind of energy conglomerate that we have created,” he declared, adding that the billions of funds would be invested “especially in Poland.”
Nuclear energy, renewables, petrochemicals
Obajtek said that the Orlen Group’s priorities would include the development of its energy arm, including nuclear energy (with one to two SMR reactors planned by 2030) and renewables, as well the mining sector and production of petrochemicals, the PAP news agency reported.
Core profit to double to EUR 12.8 bn by 2030
The company also said it expected last year's acquisitions of gas company PGNiG and refiner Lotos to help it double its core profit to about PLN 60 billion (EUR 12.8 billion) by 2030, according to the Reuters news agency.
This figure is expected to include PLN 20 billion (EUR 4.3 billion) from green projects, such as renewables, electromobility, biofuels, as well as biogas and biomethane, according to PAP.
Orlen recommends record dividend for 2022
The Orlen Group also recommended its highest dividend yet at PLN 5.50 (EUR 1.17) per share for 2022, as the strategy update sent its shares up more than 5 percent, Reuters reported.
The company said it would make annual dividend distributions equivalent to 40 percent of the previous year's adjusted free cash flow, according to Reuters.
(pm/gs)
Source: IAR, PAP, Reuters, orlen.pl