Aramco buy shares, an independent company based in the Netherlands, has successfully closed three landmark transactions with Polish refiner and fuel retailer PKN Orlen.
In the first announcement of the deal in January 2022, the company acquired 30% stakes in a Gdansk refinery producing 210,000 barrels of oil per day, 100% ownership of a wholesale business, and 50% ownership of a joint venture with BP Europa SE, which operates seven airports in Poland, which follows PKN Orlen’s merger with Grupa Lotos.
According to Aramco, the agreements are significant milestones in its long-term strategy to expand its integrated refining and petrochemicals capacity and its product portfolio across the entire hydrocarbon value chain.
Aramco buy shares extend capacity to 4 billion barrels per day
Aramco said the transactions aim to complement its strategy to expand its liquids-to-chemicals capacity to 4 million barrels per day, laying a solid foundation for further growth.
The Senior Vice President of Downstream at Aramco, Mohammed Y Al Qahtani, said: “These investments are part of Aramco’s efforts to strengthen its position in a key European market, and they offer an opportunity for our company to develop new pathways between liquids and chemicals in order to expand global downstream footprint and diversify portfolios.
Through our ongoing downstream transformation strategy, we aspire to continue developing our product portfolio.”
“These transactions are of strategic importance in further strengthening energy supplies not only in Poland, but across the region,” said Daniel Obajtek, President of the PKN Orlen Management Board. Through our diversified portfolio of assets, we have built the largest company in Central Europe, effectively strengthening current business lines and developing new ones. We will therefore be able to expand our portfolio of prospective and high-margin products.”
Furthermore, Aramco and PKN Orlen have entered into a crude oil sales agreement under which Aramco will supply approximately 45% of PKN Orlen’s crude oil needs. Additionally, Aramco, Sabic, and PKN Orlen have signed a joint development agreement to assess the feasibility of a potential petrochemical project in the Polish city of Gdansk.
