Saudi Aramco, the world’s largest energy-chemical company and Hungarian MOL will be Orlen’s main partners in taking over Lotos as to meet the conditions (so-called remediation) imposed by the European Commission, it has emerged.
Orlen announced on Wednesday that Aramco will purchase Lotos assets. MOL, meanwhile, will purchase 417 of Lotos’s gas stations and Polish Unimot will buy fuel bases. The price which Aramco will have to pay according to the preliminary agreement will be around €254 million.
President of Poland Andrzej Duda commented on the transaction on Twitter and called it a “fulfillment of Three Seas ideals in practice.”
“The merger between Orlen and Lotos is a massive economic, political and social event in our part of Europe. Thanks to the signed agreements Central Europe’s energy security is growing. This is a fulfillment of Three Seas ideals in practice. I’m keeping my fingers crossed for the finalized success!”
PKN Orlen CEO Daniel Obajtek declared that the takeover of Lotos was a critical moment of transformation. “This is a very important day for our economy and the economy of the entire region. Climate policy and regulation and market pressure demand transformation of us, as well as swift and decisive steps,” Obajtek said. He added, that only a diversified entity would be able to conduct such a transformation.
The head of the Polish fuel giant also pointed out that Orlen’s acquisition processes are connected with decarbonization and new technologies.
“We still have much acquisition ahead of us before we are able to create a company that can compete and dictate standards and trends in the industry,” he added.