Saudi Aramco's deal with PKN will expand its crude imports into Poland and presence in European downstream
PKN springs surprise among divestment buyers
The Polish refiner strikes deals to meet conditions of its Grupa Lotos takeover, including with a non-regional player
Poland’s PKN Orlen has named four buyers for a range of assets that the European Commission demanded it divest as a condition of its takeover of smaller domestic refining rival Grupa Lotos. Three of the buyers are relatively unsurprising: LPG firm Unimot, from Poland, and integrated oil and gas firm Mol and biofuels specialist Rossi, both from fellow Visegrad Group country Hungary. But the identity of the fourth purchaser has raised eyebrows. Saudi Aramco will pay PLN1.15bn ($287.5mn) for a 30pc share in Lotos’ 210,000bl/d Gdansk refinery and its bitumen business, as well as 100pc of a downstream business associated with the refinery. The Saudi heavyweight will also take over Lotos’ 50pc sta
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
