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 in 2023 included mainly the construction of the new propane dehydrogenation (PDH) plant in Kallo, the planned turnarounds at the Schwechat (Austria) and Porvoo (Finland) sites as well as construction of the ReOil^® plant in Austria. CAPEX in 2022 was mainly related to investments in the construction of the PDH plant in Belgium, which included non-cash effective CAPEX related to leases in the amount of around EUR 0.5 bn. Additionally, 2022 was impacted by the equity injection into Borouge 4 LLC to finance the Borouge 4 project, the construction of the ReOil^® plant in Austria, and the turnaround at Stenungsund (Sweden).

The increase in Fuels & Feedstock CAPEX was predominantly driven by higher investments in the aromatic unit in Petrobrazi (Romania) and the co-processing plant in Schwechat (Austria).

Energy CAPEX in 2023 was primarily directed at projects in Romania, Norway, and the United Arab Emirates. In 2022, it was mainly related to the investments in Romania, New Zealand, and Norway.

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