According to HN daily, PKN Orlen and OMV plans to invest more money in Czech Republic. While OMV plans to further broaden its services as it acquired Aral gas stations there (currently owns 217 gas stations) and Czech market is crucial for its business. PKN Orlen is however trying to completely change the image of Benzina gas stations and modernize them. Investments of PKN should reach EUR 23m until 2009. PKN Orlen plans similar steps with gas stations as it did previously in Poland and split them under two different brand names – one cheaper and one more prestigious. PKN’s CEO Igor Chalupec added that PKN is still looking for more gas stations to acquire in Czech Republic.
Our view:
The news about the modernization and split of Benzina gas stations has been announced previously. The concept of two brands has been successful in Poland, so we see it in positive light. Nonetheless it should be neutral for today’s trading.