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ORLEN Halts Misguided Olefins III Project

12/11/2024

---ORLEN S.A. Press Release--   The ORLEN Management Board has decided to halt the Olefins III project after determining that the actual implementation costs would have exceeded the initial estimates by sixfold. This decision is expected to save the company approximately PLN 15 billion. The funds will be redirected towards projects that sustainably enhance the competitiveness of both the company and the Polish economy. Irregularities related to the capital investment process have been reported to the prosecutor’s office. Additionally, ORLEN is considering pursuing a compensatory claim against former management board members, enabled by a recently adopted resolution of the General Meeting. A

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