The article is being updated.
One of the conditions for the merger of Orlen and Lotos set by the European Commission was to find a partner who would take over 80 percent. Lotos shares and 30 percent. shares in the refinery in Gdańsk. It turned out not to be easy, and the deadline for publishing the company’s name has already been postponed twice.
PKN Orlen will merge with Lotos by mid-2022.
– The conditions and pressure of the market require us to transform. Fast, decisive steps. Only a diversified subject can carry out such a transformation. It takes resources, commitment and technology. PKN Orlen took it into account when implementing and creating the strategy (…) We started it four years ago. Business in the world was different. The times of the pandemic have changed the approach to business, but everything that has happened since we started this process actually strengthens and justifies the process of all these connections – said the president of PKN Orlen, Daniel Obajtek, during the press conference.
– Today we want to introduce partners who will give us development, also set the pace. It is a matter of further development of the concern in Poland and abroad (…) Saudi Aramco does not follow the trends. Saudi Aramco sets trends, argued Obajtek.
Orlen unveiled the cards in the Lotos case. Who will buy back part of the business?
PKN Orlen has signed a long-term contract with Saudi Arabian Oil Company for the supply of crude oil in the amount of 200 to 337 thousand. barrels a day. The price in the preliminary agreement for the shares in Lotos Asfalt to be paid by Aramco was set at approx. PLN 1.15 billion.
Saudi Aramco is the world’s largest oil and gas company exploring and extracting crude oil. It satisfies over 10 percent of the world’s demand for this raw material.
MOL is a Hungarian crude oil and natural gas processing company that also distributes these products. It is, next to the Polish PKN Orlen, one of the largest oil and gas companies in Central Europe. It is also the largest company in Hungary in terms of revenues.
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sources: PAP / Business Insider
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