The Saudi Arabian Oil Giant (Saudi Aramco), the world’s largest integrated energy and chemicals company, is expanding its global downstream presence with investments in Poland’s refining, wholesale, and jet fuel marketing segments. the corporate has agreed to amass equity stakes of 30% in an exceedingly 210,000 bpd refinery in Gdansk; 100% in an associated wholesale business; and 50% in a jet fuel marketing venture with BP. The acquisitions are made of 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 EU Commission. The investments will widen Aramco’s presence within the European downstream sector and further expand its crude imports into Poland, which aligns with PKN Orlen’s strategy of diversifying its energy supplies - additionally to the investments, Aramco has signed a MOU with PKN Orlen and SABIC, one in all the world’s largest petrochemicals companies, to explore joint opportunities in Poland. in Central and Eastern Europe. Another MOU was signed by Aramco and PKN Orlen, which focuses on exploring potential opportunities for research and development.
Mohammed Al Qahtani, Aramco Senior Vice-President of Downstream, said: “These acquisitions will support the diversification of Aramco’s product portfolio across the hydrocarbon value chain — including a spotlight on liquids-to-chemicals pathways. Our expanding global network of refineries and chemical joint ventures allows us to achieve new markets with our products, and strategically place fossil fuel volumes across different geographies. Our business objectives for oil and chemicals are closely aligned with PKN Orlen, and that we are exploring additional opportunities within the European petrochemicals market, further as in R&D.”
Daniel Obajtek, President of the PKN Orlen Management Board said: “This is an historic day for the Polish energy industry. The completion of the merger is a chance to make sure high-quality fossil fuel supplies to Poland from Aramco, this is often a key stage in building a powerful multi-utility group that delivers diversified and reliable energy to Poland. Such international partnerships are essential for building the most important multi-utility group during this a part of Europe.”
Aramco on the running spree