Polski Koncern Naftowy ORLEN now ORLEN S.A
London, 03 July, 2023, (Oilandgaspress) ORLEN S.A. (“Company”) hereby informs that on the basis of the Central Information Office of the National Court Register data it has been informed that on 3 July 2023 changes to the Articles of Association of ORLEN, approved by the Company Ordinary General Meeting on 21 June 2023 (“OGM”), were registered by the District Court in Łódź, XX Commercial Department of the National Court Register. Thereby on 3 July 2023 the Company’s name has been changed from Polski Koncern Naftowy ORLEN S.A. to ORLEN S.A.
Registered changes were approved by the resolution no 58 dated 21 June 2023 of the OGM.
The court registered following changes to the Company’s Articles of Association:
1) Article 1.3 is amended to read as follows:
“3. The Company operates under the name of ORLEN Spółka Akcyjna. Company may use the abbreviated name of: ORLEN S.A.”
2) In Art. 1.4 the definition of “Company” is amended to read as follows:
“Company” – shall mean ORLEN S.A.”
The name modification is a natural progression, following our recent acquisitions of the ENERGA Group, Grupa LOTOS, and PGNiG, and aligns with the newly updated growth strategy for the ORLEN Group.
On the basis of the abovementioned changes the OGM in the resolution no 59 dated 21 June 2023 established the unified text of the Articles of Association which is attached hereto regulatory announcement.
In line with our updated strategy, by the end of 2030, the Company will have committed as much as PLN 320 billion for capital expenditure, with PLN 120 billion earmarked for low- and zero-emission projects. By the close of the decade, ORLEN aims to own renewable energy sources totalling 9 GW in capacity, install 10,000 EV charging stations across Central Europe, and achieve 300 MW of installed capacity in small modular reactors. Our production targets for this period include 3 million tonnes of biofuels, approximately 1 bcm of biogas, 130,000 tonnes of renewable hydrogen, and 70,000 tonnes of synthetic fuels. By 2030, the ORLEN Group intends to reduce greenhouse gas emissions by 25% in its refining, petrochemical, and upstream segments. In the power segment, we will reduce CO2 emissions per unit of energy produced by up to 40%. By 2035, we plan to discontinue all coal-fired power generation.
The name change will not impact the Company’s visual identity. The ‘ORLEN’ brand name and the red and white eagle’s head logo, which have been consistently used for marketing purposes, will continue to represent our brand unchanged.
The name change resolution of the Annual General Meeting, dated June 21st 2023, came into effect on July 3rd 2023 upon registration with the National Court Register.
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