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PKN ORLEN representatives on Kazakhstan Investment Summit

06-07-2006  News

​Representatives of the Board of PKN ORLEN left to Almaty in Kazakhstan, where on 8 and 9 June Kazakhstan Investment Summit - international economic summit shall take place. Economic and investment leaders from all over the world, interested in investing within Kazakh oil sector, will participate in this event.
According to information stated by PKN Orlen Press Office, during the first day of the summit Igor Chalupec, President of the Płock concern shall participate in discussion with Bakhytkoj Izmukhambetov, Kazakh Minister of Energy and Natural Resources. The meeting will be devoted to specificity and current situation on the Kazakh oil market as well as to presentation of investment possibilities within this region.
In the beginning of May this year, PKN Orlen registered the ORLEN Upstream sp. z o.o. company, which is to develop the oil exploration segment. The strategy presented by concern from Płock was divided into two phases: the first covers the period until 2009, the second one – until 2015.
The first phase assumes gradual creation of organizational structures, development of competences basing on singular asset purchasing transactions, especially in countries such as Kazakhstan, Iraq, North African countries or Russia. During the first two years determining objectives for acquisition shall focus on assets of lower market, while joint venture projects will be the favoured ones. Within this stage, concern from Płock plans to purchase minority interests without undertaking the role of the operator, taking advantage of its partners’ competences. 
During the second phase of the programme, in case of projects anticipating engagement for the period of about 5 years, PKN Orlen plans to take the role of the operator, but will still be basing on outsourcing (cooperation with external entities) as far as technical issues are concerned. In case of long-term projects – 10 years, concern from Płock will engage more in the direct exploration, and will simultaneously develop technical capabilities and develop organizational structures with local personnel resources.
Amounts of oil exploration expected by concern from Płock anticipate gradual increase of the resources from 0.4 million tonnes in 2007 to 4.3 million tonnes in 2015. Investment expenditures necessary to realize this programme are estimated for about USD 130 million a year between 2007 and 2009, and during the 5 following years – USD 438 million a year.

Source:
http://www.pb.pl/Default2.aspx?ArticleId=D8B7DB84-2357-4CA2-BBDF-EB09DED03BE2

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