Aramco to acquire stakes in Poland’s PKN Orlen
The Saudi Arabian Oil Company (“Aramco” or “the Company”), is expanding its global downstream presence with investments in Poland’s refining, wholesale, and jet fuel marketing segments.
The Company has agreed to acquire equity stakes of 30% in a 210,000 barrels per day refinery in Gdansk; 100% in an associated wholesale business; and 50% in a jet fuel marketing joint venture with BP. The acquisitions will be made from Polish refiner and fuel retailer PKN Orlen following its proposed merger with Grupa Lotos. Completion of the transaction is subject to regulatory approvals, including from the European Commission.
The investments will widen Aramco’s presence in the European downstream sector and further expand its crude imports into Poland, which aligns with PKN Orlen’s strategy of diversifying its energy supplies.
In addition to the investments, Aramco has signed a memorandum of understanding (MoU) with PKN Orlen and SABIC, one of the world’s largest petrochemicals companies, to explore joint opportunities in Poland and elsewhere in Central and Eastern Europe. Another MoU was signed by Aramco and PKN Orlen which focuses on exploring potential opportunities for research and development.
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