Ladies and Gentelmen,
I am pleased to share with you the main objectives of the LOTOS Group's strategy for the years 2011 to 2015 and the development directions until 2020, which are presented in this publication. This is a realistic vision of the growth in the corporate value of LOTOS in the next decade. Our plans envisage sustainable development, based on a solid achievement record and, at the same time, boldly opening new directions for expansion.
Sustainable development has become the planning doctrine successfully adopted for many years by the Management Board of Grupa LOTOS S.A. A huge investment project – the 10+ Programme, whose implementation is nearing completion, has created a strong foundation for sustainable, systematic, innovative and environmentally conscious growth. This provides us with a good starting point for the creation of a large oil corporation, which LOTOS is set to become.
This strategic "road map" takes us up to the year 2020. By this time, LOTOS will have access to its own resources to the equivalent of 330 million barrels of oil and will increase production to 100 thousand barrels per day (5 million tonnes per year). Our programme of increasing production will cover geographically close regions characterised by low levels of risk. LOTOS plans are to achieve a 30% share in the domestic fuel market and to reach sales exceeding its own production potential by 15%.
During this period, capital expenditure incurred within the 10+ Programme will lead to an increase in the production of high-margin and high-quality fuels, oils and other petroleum products. In other words, LOTOS will become one of the most advanced oil companies in Europe, while consistently increasing its market shares. As an effectively managed and environmentally friendly corporation, it will create new value for shareholders. The international position of the LOTOS Group will be strengthened by the energetic activity in building energy security for Poland and for the region of Central and Eastern Europe.
I hope that the presented strategy will be of interest and meet with your approval.
President of the Management Board, CEO
Grupa LOTOS S.A.