Saudi Aramco to supply 45% of Polish group’s crude oil needs

Saudi Aramco will supply as much as 45 percent of ORLEN Group’s crude oil needs following the Polish firm’s merger with LOTOS Group.

PKN ORLEN recently closed its merger with LOTOS Group to build a multi-utility firm to ensure Poland’s energy security and independence in terms of feedstock supplies, according to a statement.

The new ORLEN Group will be based on a fully integrated value chain, from upstream exploration and production, through refining, petrochemical production and advanced power generation, to retail.

The new player, created by the merger, will generate an annual revenue of approximately 250 billion Poland złoty ($56.8 billion), which will provide services to around 100 million customers in Europe.

“The European Commission’s clearance has brought us much closer to stepping up joint investments of key importance to Poland and the entire region,” said Daniel Obajtek, president of PKN ORLEN.

“We will be playing in the first league of European fuel and energy companies, which will strengthen our bargaining position when negotiating raw material supplies or access to technologies,” he added.
Source: Arab News