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The Warsaw Voice » Business » June 25, 2008
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Lotos Plans to Expand
June 25, 2008   
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The Lotos corporation, Poland's second-largest fuel producer, has updated its development strategy until 2012.

Under the strategy, the corporation's total investment expenditure will reach zl.12.9 billion in 2006-2012, instead of the previously planned zl.7.3 billion. Lotos plans to drill for and extract oil in the Baltic Sea, North Sea, and Norwegian Sea. The group also wants to increase the processing capacity of its refinery in Gdańsk, northern Poland, and further develop its sales of petroleum products.

"Lotos aims to develop oil extraction in the Baltic Sea beyond the Polish economic zone, and we also plan investments in the Norwegian continental shelf," said Lotos CEO Paweł Olechnowicz. Additionally, the corporation will be eyeing other interesting sites, particularly those in the Caspian Sea region, Olechnowicz said.

In a key target, Lotos is shooting for 40 percent of the Polish aviation-fuel market by 2012. Last year, the corporation's market share was 23.8 percent. Lotos is also aiming for a 30-percent share in the overall fuel market in Poland, up from 24.7 percent in the first quarter of this year. It also wants to maintain its leading position on the Polish market for motor oils and bitumens. Lotos plans to secure a 10-percent market share in the retail sales of fuels by 2012, up from around 6 percent last year.

Under its updated strategy, Lotos plans to increase the production capacity of its Gdańsk refinery to 10.5 million metric tons of products annually, from 6 million tons at the moment
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