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The Warsaw Voice » Special Sections » August 29, 2012
Special Section: LOTOS
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Lotos Growing in Strength
August 29, 2012   
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The Lotos group is Poland’s second largest corporation and one of the leading businesses operating in the Polish petroleum industry. Currently Lotos has a 34.1 percent share of the Polish fuel market. It is the only company in Poland that is conducting upstream operations off the Baltic coast. Lotos is also conducting such activities on the Norwegian shelf and in Lithuania.

Last year, Lotos won the prestigious 2011 Refinery Plant of the Year Award. Its approach to the contemporary challenges that the governments and societies of Central and Eastern European countries are facing is very responsible. Joint responsibility for development and a steady improvement in people’s living conditions is part of Lotos’s current development strategy. The strategy is for the years 2011-2015, but it also defines a number of directions for development until 2020. This is a realistic and responsible vision for the growth of Lotos’s value in the coming decade. The company’s development is expected to be sustainable, based on the solid foundations of what Lotos has already achieved, while also boldly branching out in new directions. Oil exploration and extraction remains the company’s priority from 2011 to 2015. Lotos will continue to be engaged in projects linked with this in Norway, Poland and Lithuania.

By 2015 Lotos wants to extract 1.2 million metric tones of oil annually. In pursuing its strategy in the upstream segment, the company has been choosing regions posing a low and moderate risk in legal, political, social and cultural terms. This is why Lotos has focused on Europe and has not ventured into any exotic parts of the world. It already extracts oil off the Polish Baltic coast and in Lithuania, and is conducting exploratory operations and preparations to start extracting oil in Norway.

Sustainable development is a planning strategy successfully applied by the Lotos management board for years. The company’s 10+ Program, worth 1.54 billion euros, was successfully completed in 2011, creating strong foundations for lasting and steady growth based on innovation and respect for the natural environment. This is an unvarying principle in the process of building a large and modern oil group in this part of Europe.

The strategy pursued by Lotos has a time frame that lasts until 2020. By that time Lotos expects to have its own oil deposits equaling 330 million barrels and is expected to increase its oil production capacity to 100,000 barrels a day, or 5 million barrels a year. Lotos is turning into one of the most modern oil companies in Europe, a company with a steadily growing share of the market that creates new shareholder value, and one that is efficiently managed and environmentally friendly. Its dynamic efforts aimed at ensuring energy security for Central and Eastern Europe have contributed to strengthening its international position. Lotos is initiating discussions and meetings designed to work out key solutions for the oil refinery sector and to build a common potential for the EU energy sector, a potential driving the development of other economic sectors in EU member states, especially in Central and Eastern Europe. The aim of Lotos’s efforts in this area is to convince other EU members that the Community should jointly solve problems associated with energy supplies and energy sources, and work together for the benefit of all.
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