Pavels Supernaks / PAP
The European Commission (EC) has given the final green light to the acquisition of the rival Lotos Group by Poland’s dominant oil and gas company PKN Orlen.
This was announced by PKN Orlen on Monday.
In a statement, BKN Orlen wrote that the European Commission had approved the acquisition after agreeing to the agreements agreed with the buyers.
“PKN Orlen plans to acquire the Lotos Group either in late July or early August,” said Daniel Obajtek, CEO of PKN Orlen.
The agreements must enter into force within six months of approval by the European Commission.
On June 2, PKN Orlen’s board of directors approved a draft merger plan with Lotos.
“As only one group with diversified revenues that is resilient to very dynamic changes in the macroeconomic environment, we will be able to respond effectively to the challenges and guide Poland through the difficult and demanding but also necessary energy transition,” said Obagtik. at a time.
Orlen began acquiring the Lotos Group in February 2018. Orlen then submitted an initial request to the EU for approval of the transaction in November 2018, followed by a formal proposal in July 2019.
In July 2020, the European Commission approved the acquisition of Lotos Group, subject to certain liquidations. Both Lotus and Orleans are controlled by the Polish state.
As part of the sale requested by the European Commission, the Saudi oil company Saudi Aramco acquired a stake in the Lotos refinery, while the Hungarian oil and gas company MOL Group acquired 417 filling stations from the Lotos. Meanwhile, Orlen has acquired 144 petrol stations operated by the MOL Group in Hungary and 41 in Slovakia.
PKN Orlen owns one of two refineries in Poland, as well as refineries in Lithuania and the Czech Republic. It operates in the wholesale and retail markets for refined petroleum products in Poland, Austria, the Czech Republic, Estonia, Latvia, Lithuania, Germany and Slovakia.
It also has activities in the exploration, development and production of crude oil and natural gas.
Lotos owns the second Polish refinery. It operates in the wholesale and retail markets for petroleum products, mainly in Poland, but also in the Czech Republic, Lithuania, Slovakia, Latvia and Estonia.
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