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PKN may drop Baltic expansion plans – paper

  PKN Orlen Poland’s top refiner, may scrap plans to enter the Latvian market as part of a revision of its expansion plans in the Baltic states, a Polish daily quoted its chief financial officer as saying on Monday.

 

“I won’t hide that we are revising our strategy and the Baltic region is not the one that seems the most attractive,” Slawomir Jedrzejczyk told Gazeta Prawna. “Looking at the whole retail segment, we could find better places to invest.” PKN, which two years ago bought Lithuanian refinery Mazeikiu for $2.5 billion in Poland’s largest-ever foreign investment, had said it aimed for a fifth of the retail petrol station market in Lithuania and Latvia. The group wanted to spend €200 million ($253.7 million) to have 230 petrol stations in the two countries. (Reuters)