Capital Expenditure (CAPEX)¹

¹ Includes expenditures for acquisitions as well as equity-accounted investments and other interests; adjusted for capitalized decommissioning costs, exploration wells that have not found proved reserves, borrowing costs and other additions that by definition are not considered capital expenditure

Total CAPEX

In EUR mn

Chemicals & Materials CAPEX increased mainly due to investments in the construction of the new propane dehydrogenation (PDH) plant in Belgium, which included non-cash effective CAPEX related to leases in the amount of around EUR 0.5 bn and equity injection into Borouge 4 LLC to finance the Borouge 4 project. Furthermore, the CAPEX increase was driven by the construction of the ReOil® demo plant in Austria.

The increase in Refining & Marketing CAPEX was driven by turnaround activities, repair works at the Schwechat refinery, as well as investments in the co-processing unit at Schwechat.

The increase in Exploration & Production CAPEX was mainly related to investments in Romania, Malaysia and New Zealand.

The reconciliation of total capital expenditure to the investments as shown in the cash flow statement is depicted in the following table: