“Such investments should be looked at from a decades-long perspective. Trump's victory will quickly affect the global economy. The macro will change, the times will soon come when oil and gas will be cheaper and instead of making money on the product, construction will be resumed,” Daniel Obajtek wrote on Thursday on X.
Orlen may suspend the investment started by Daniel Obajtek
What made him so outraged? On Wednesday, November 6, in the evening, when the media headlines were still occupied with reports and news regarding presidential elections in the United States, a message from the Group went out Orlen. The company does not rule out suspending or completely suspending the Olefina III investment. This is a huge project, the costs of which have swelled, and now Orlen, citing audits, said that its implementation in its current form means a further doubling of expenses. Connects Cost would reach even more than PLN 50 billion. The Olefina III investment in Płock began when Daniel Obajtek, currently an MEP, was Orlen's president. We write more about this in in this text: Plan Obajtek to the trash. Orlen may suspend the gigantic investment.
Daniel Obajtek is outraged. Orlen may plow the investment that the former president started
“In Pennsylvania, with a similar investment, the final cost increased by 130% compared to the original one, and the completed one earns millions. Saudi Arabia, Germany and the Belgians are investing in petrochemicals – we will hold back. You will lead ORLEN to bankruptcy. Plowing Olefins means plowing the Polish economy” – yes the former president of the company continues his comment.
Orlen's press office responded to his post. “Dear Sir, ORLEN is not destroying this investment, ORLEN has calculated its full cost for the first time. Implementation of the investment in the variant prepared by you would cost up to PLN 51 billion and would be permanently unprofitable. This means we would never recover the invested money. We reveal the truth about your successes <" - we read in the company's comment.
Orlen is a company with shares of the State Treasury. It is also listed on the Warsaw Stock Exchange. On Thursday at noon, the company's shares are rising on the stock exchange – they are gaining over 2.5%. However, this is happening in a generally growing market, in the WIG20 index, to which Orlen belongs, there is not a single declining company. Banks gain the most (Pekao SA over 6%). The green wave is flowing through most of the world's stock exchanges (yesterday the Wall Street indices closed with really solid gains), but in Europe, WIG20 is gaining exceptionally strongly compared to others. This is the result of the US election results. Another market effect is appreciation dollarwhich results in the weakening of, among others, zloty.