PKN ORLEN closing its merger with LOTOS Group

The merger will create a single, strong multi-utility player with annual revenue of approximately €54 billion.

PKN ORLEN has secured the European Commission’s clearance of its intended merger with the LOTOS Group.

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. This means long-term profits for the companies and their shareholders, stability of energy supplies for the Polish economy at the lowest possible prices, a wide range of attractive services for customers, and even greater support for social initiatives. The European Commission’s approval means its full acceptance of the agreements negotiated by PKN ORLEN as well as the partners.

“This is a pivotal moment for PKN ORLEN, the LOTOS Group and the Polish economy. The European Commission’s clearance has brought us much closer to stepping up joint investments of key importance to Poland and the entire region. The merger is a very challenging process, but we have determinedly followed it step by step, aware of the importance of the transaction,” said Daniel Obajtek, President of the PKN ORLEN Management Board.

The merger between PKN ORLEN and the LOTOS Group is linked to the energy security of Poland and the entire region of Central Europe, including Lithuania, Latvia, Estonia, the Czech Republic and Slovakia, according to the Polish company. The merger will create a single, strong multi-utility player with annual revenue of approximately PLN 250 billion, which will successfully carry out business on a competitive market and provide services to approximately 100 million customers in Europe, ensuring security of fuel and energy supplies.