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
19 December 2024
Deepwater Development Conference welcomes Shell’s deepwater development manager to advisory board for March 2025 event
19 December 2024
The government must take the opportunity to harness the sector’s immense potential to support the long-term development of the UK’s low-carbon sector
18 December 2024
The energy transition will not succeed without a reliable baseload, but the world risks a shortfall unless more money goes into gas
18 December 2024
The December/January issue of Petroleum Economist is out now!
