Slovnaft is doubling its capital outlays
Oil refinery Slovnaft posted a net profit of €106m last year on €3.8bn in sales. Back in 2015 the net profit stood at €187m. Its CFO Marek Senkovič explains the drop on lower fuel consumption in Slovakia and growing prices of electricity, gas and emission quotas. To prepare for the coming steady decline in fuel consumption, it plans massive investments into the production of plastics and other chemicals. Previously, it had been investing €100-120m annually but plans to increase capital outlays to €200-300m annually in the coming five years. This year, it plans to invest €250m and has already spent €100m.