PKN Orlen has approved an additional payment for the 63% stake in Unipetrol. A recent audit set the value of the additional payment (for Unipetrol’s solid performance over the past year) at CZK 1.645bn (EUR 55.31m). PKN has already paid CZK 13.05bn (EUR 438.8m) to the Czech government for 63% stake.
PKN Orlen said the company aims to increase Unipetrol's 2008 EBITDA by at least 45% from last year. The consolidated EBITDA for Unipetrol in 2008 is expected to be EUR 442m.
PKN, Poland's largest oil company, has today announced its strategy for integrating Unipetrol into its business. The strategy calls for selling Unipetrol's non-core businesses. PKN wants Unipetrol to focus on refining and producing petrochemicals and on distributing automobile fuels. PKN plans to sell units that are not related to Unipetrol's priority businesses, the chemical makers Aliachem, Lovochemie, Agrobochemie and Kaucuk. PKN is holding a press conference in Prague today.