Orlen is economic flywheel of Poland: CEO

PKN Orlen is a flywheel of the Polish economy. After the merger with Lotos and PGNiG, we will have approximately PLN 200 bn (EUR 44.1 bn) in revenue per year, which will allow us to invest more and carry out energy transformation, said the company’s CEO Daniel Obajtek.

Orlen’s head is one of the guests of the 30th Economic Forum in Karpacz. He pointed out that a partner that would take over some of Lotos's assets, which is a condition for finalising the merger of the largest fuel companies in Poland, would be announced in November.

Mr Obajtek recalled that Orlen was carrying out the largest petrochemical investment in Europe, worth over PLN 13 bn, at the same time also investing in zero and low emission energy.

“We are also looking towards offshore or towards the construction of farms in the Baltic Sea. We would like the Polish company not only to build wind farms there but also for its components to be built here in Poland,” he said, adding that Orlen has signed an agreement with a US company as a technology partner with regard to this issue.

The company’s CEO noted that Orlen had carried out several other transactions, including the acquisition of the Energa and Ruch Group, and now it is very important to merge with PGNiG “in order to increase the investment power and carry out the energy transformation in Poland”.

Obajtek pointed out that Orlen must also take advantage of the possibilities that neighbouring markets offer, for example, in Ukraine.

On July 14, 2020, PKN Orlen received conditional approval from the European Commission for the acquisition of Lotos. The approval was dependent on the full compliance with the commitments presented by Orlen.