What Orlen left Obajtek. The new president announced a devastating amount

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“2023 was the first year in which Orlen operated after the merger with Lotos and PGNiG. It was also a year of changeable external environment, and the effects of the organization’s actions were not always clear – he noted in a letter to shareholders.

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Orlen’s president stated that his current main task is to “create the value and growth of the Orlen Group.” He also pointed to the ongoing energy transformation. He assured that the company has a schedule of goals to achieve in this area.

“We strive to finance this process while ensuring the stability and security of energy supplies. That’s why we focus on pragmatic solutions, looking for the most effective and promising projects“- said Fąfara.

New challenges lie ahead for Orlen. “We are accelerating”

Among the projects bringing the Orlen Group closer to zero emission, which the company must achieve by 2050, he mentioned wind farms and photovoltaics developmentimplementation of carbon capture and storage (CCS) projects and development of projects involving the production of green hydrogen.

We are accelerating. Challenges related to the decarbonization of heating, the development of biogas or the construction of a modern retail sales organization are tasks that will be priorities for our management board, declared the president.

Fąfara pointed out that At the same time, Orlen’s management board will carry out a “thorough review of the most important strategic projects currently implemented in the Orlen Group.” “We will prepare a vision of the future of the petrochemical segment in the context of building a new olefins installation. We will look for development opportunities through partnerships and cooperation with international entities,” he announced.

Orlen’s president also drew attention to the challenge “in the area of ​​corporate culture.” “We will place greater emphasis on efficiency. We will implement modern management methods. We will make decisions based on premises that are understandable to investors and shareholders,” he added.

President of Orlen: we will rebuild investors

As Fąfara stated, “The Orlen Group will be predictable and transparent.” “We will ensure the value of our shareholders’ investments and rebuild investor confidence,” he emphasized.

On Wednesday, the Group announced that its management board recommends the payment of PLN 4.818 billion in dividends for 2023, or PLN 4.15 per share. The remaining amount from the net profit for 2023 would go to supplementary capital. For 2022, Orlen paid PLN 5.5 dividend per share, i.e. a total of almost PLN 6.4 billion.

Small SMR reactor by 2030

The Orlen Group is a multi-energy concern that owns, among others: refineries in Poland, the Czech Republic and Lithuania, as well as a network of gas stations, including in Germany, Slovakia, Hungary and Austria. It is developing the hydrocarbon, oil and gas extraction segment, the petrochemical segment and the renewable energy sources segment, and plans to develop nuclear energy. By 2030, it intends to launch at least one small SMR nuclear reactor.

When the Orlen Group’s strategy until 2030 was updated in 2023, taking into account its priority goals after the previous merger with the Energa Group, Lotos Group and PGNiG, it was stated, among other things, that the company plans to invest over PLN 320 billion by the end of the decade.

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