The agreement between PKN Orlen and Saudi Aramco has come into force. We are talking about capturing more than 30 percent. shares in Rafineria Gdańska, that is, part of the deal to take over Lotos.
PKN Orlen and Saudi Aramco completed a deal to sell 30 percent of the shares. shares in Refineria Gdanska. This was the prerequisite for the merger between Orlen and Lotos, imposed by the European Commission.
Division of Rafineria Gdańska and other companies
“As part of the deal, already announced in January 2022, PKN ORLEN retained a 70% stake in the Gdansk refinery with a total processing capacity of 210,000 barrels per day, Aramco will acquire 30 percent. shares in the refinery, 100 percent. wholesale business and 50 percent. share in jet fuel in BP Europa SE operating at 7 airports in Poland” - we read in Orlen’s statement.
– Closing the deal with Aramco is of strategic importance for further ensuring the supply of raw materials not only to Poland, but to the entire region. We have created the largest group in Central Europe, strong in terms of business in several different areas, which guarantees the further dynamic development of current operations, as well as the effective entry into new lines of business. This means new growth opportunities for us, which will enable further development in promising areas, including products that provide high profitability, says Daniel Obaitek, Chairman of the Board of PKN Orlen.
“These transactions strengthen Aramco’s presence in a key European market and provide a unique opportunity to develop new liquid chemicals businesses with the intention of strengthening our global downstream footprint and supporting our portfolio diversification. At the same time, we are committed to further developing our product portfolio as part of our ongoing downstream transformation strategy,” said Mohammed I. Al-Qahtani, Senior Vice President, Downstream and Downstream, Aramco.
Source: Wprost
