PKN ORLEN has received approval from the European Commission for a merger with Grupa LOTOS. The new ORLEN Group will be based on a fully integrated value chain, from exploration and production, through refinery, petrochemicals and modern energy, to retail sales, informs PKN ORLEN.
The company emphasizes that this means “long-term profits for companies and their shareholders, stable energy supply for the Polish economy at the lowest possible prices, an attractive package of comprehensive services for customers, as well as even greater support for social initiatives”.
In the opinion of ORLEN, the consent of the European Commission proves that the contracts and partners negotiated by the company are fully accepted for their implementation. It is also a confirmation that the merger of the companies will not distort competition in any of the areas of activity, not only in Poland but also in the region.
“This is a historic moment for PKN ORLEN, Grupa LOTOS and the Polish economy. The approval of the European Commission brings us closer to the intensification of common investments of key importance for Poland and the entire region”, said Daniel Obajtek, the president of the Management Board of PKN ORLEN. He emphasized that the company created from the joint assets of PKN ORLEN, the Energa Group, the LOTOS Group, and ultimately also PGNiG, will be the largest company in Central and Eastern Europe, capable of successfully facing the challenges of energy transformation and implementing investments worth billions of PLN in zero- and low-emission energy.
The merger means building one strong multi-energy company with revenues of approximately PLN 250 billion annually, which will handle approximately 100 million customers in Europe.
As a result of the merger of the companies, the scale of investments will increase. Only in 2021, the ORLEN Group allocated a record PLN 9.9 billion on investments, while the capital expenditure for this year will amount to as much as PLN 15.2 billion, the highest value in the company’s history.
Adrian Andrzejewski