Aramco completes three stake purchase deals with PKN Orlen
The European investments support expansion of Aramco’s global downstream presence.
PKN ORLEN has finalised a deal with Saudi Aramco for the sale of a 30% stake in the Gdansk refinery as part of the merger with LOTOS. The European investments support expansion of Aramco’s global downstream presence.
As part of the transaction, first announced in January 2022, PKN ORLEN has retained a 70% stake in a 210,000 barrels-per-day refinery in Gdansk, with Aramco acquiring equity stakes of 30% in the refinery as well as 100% in a wholesale; and 50% in a plane fuel marketing joint venture with BP Europa SE that operates in seven airports in Poland.
“We have built the largest company in Central Europe with a diversified portfolio of assets that will effectively strengthen current business lines and develop new ones. This creates new growth opportunities to allow us to continue to expand in prospective and high-margin products,” said Daniel Obajtek, President of the PKN ORLEN Management Board.
The agreements represent a significant milestone in Aramco’s long-term strategy to grow its integrated refining and petrochemicals capacity, and expand its product portfolio across the entire hydrocarbon value chain.
Aramco and PKN ORLEN have also entered into a crude oil sales agreement, pursuant to which Aramco will supply approximately 45% of PKN ORLEN’s crude oil requirements.
