Poland's Orlen to reconsider future of Olefin project
Nov 7 (Reuters) -Polish oil and gas company Orlen PKN.WA is reconsidering the future of its Olefin III petrochemical project due to the unprofitability of continuing the project in its current scope and scale, the company said on Wednesday.
Orlen said it will focus on selected strategic options, including optimizing the project's production capacity and utilizing current units, or temporarily or completely halting the project.
"The choice of scenarios is driven by the protection of the company's interests and is based on analysis of the petrochemical market, macroeconomic situation, and the profitability of the project," the company stated in its report.
This follows the company's Tuesday announcement that its Olefin petrochemicals project would not generate positive cash flow in the future due to adverse economic conditions, leading to a writedown of 912 million zlotys ($225.37 million) of the value of its petrochemical business.
The project has already seen other investment writedowns, and Orlen has pledged to decide on its future before the end of this year.
($1 = 4.0467 zlotys)
Reporting by Rafal W. Nowak; Editing by Janane Venkatraman
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