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Orlen will lead the Lotos. There is a final decision from the European Commission

Orlen will lead the Lotos.  There is a final decision from the European Commission

The European Commission has approved the proposal of PKN Orlen’s buyer of the assets sold as part of the remedial measures taken to take control of Grupa Lotos, PKN Orlen announced on Monday.

The committee also approved contracts with these buyers – the concern of Płock was confirmed in the press release. As he emphasized, this meant the committee agreed to PKN Orlen taking control of Grupa Lotos.

Conclusion of contracts with buyers and entry into force of conditional contracts It must be completed within six months from the date of its approval By the committee – also informed Orlin.

The rest of the article is below the video

See also: Orlin Morning Conference. “Morawiecki envies Tusk”

Orlen will lead the Lotos. European Commission approval

European Competition Commissioner Margrethe Vestager has assessed that the conditions for PKN Orlen during the acquisition of Lotos will not lead to an increase in prices. “They will also ensure that markets remain open,” she added.

Orlin President, Daniel Obajtek, said during a press conference that Concern from Płock planned to seize Lotos in early July and August. – He added that the merger will allow us to develop faster, achieving synergies that generate billions of savings.

As mentioned, Orlen is a global company, transformation awaits us in other countries. – For this you need the right resources, money and partners, for example the largest oil producer in the world, Saudi Aramco – he emphasized.

History of the merger of Orlen and Lotos

In August 2020, Orlen signed an agreement with the State Treasury and Lotos Group on the acquisition of shares in the Gdańsk Group, thereby assuming control of the capital. In turn, in May 2021 Orlen, Grupa Lotos and the Department of State Assets sign an agreement on the structure of a new multi-energy interest, It will be built in the form of a merger of three companies: PKN Orlen, Lotos and PGNiG.

Until January 14 this year. PKN Orlen had to submit to the European Commission so-called “remedial measures” that enabled the acquisition of Lotos. They are to protect the Polish fuel market and the refining market from monopoly. In November 2021, the fuel concern received European Commission approval for a business extension. How will the European Commission’s guidance enabling the acquisition of Lotus, the concern officially announced on January 12 this year, be implemented.

Then Concern Pock announced that he was a Hungarian MOL will acquire 417 Lotos service stations It is located in Poland with an amount of 610 million US dollars. Orlen will buy 144 gas stations in Hungary and 41 gas stations in Slovakia from MOL for about 229 million euros. Unimot will purchase the asphalt fuel and logistics space within the Lotos Terminale for at least 450 million PLN. On the other hand, Lotos Biopaliwa will be purchased by the kind Rossi Biofuel company.

Orlen and Lotos . merger

Orlen also negotiated with concern Aramco Saudi Arabia, which is a 30 per cent purchase. Of the shares in Rafineria Gdańska, a long-term contract for the supply of 200 to 337 thousand. barrels of oil per day. The target level of Arab oil supplies is expected to reach 400,000 tons this year. barrels per day (20 million tons per year). This is due to the deliveries resulting from the contract with Saudi Aramco, and the 30% sale transaction. The Saudi concern shares in the refinery. Orlin estimated that these supplies could meet up to 45 percent. Total demand for the entire Orlen Group – after the acquisition of Lotos – in Poland, Lithuania and the Czech Republic.

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March 16 this year. On the other hand, the head of the Office of Competition and Consumer Protection (UOKiK) issued conditional approval for the merger of PKN Orlen and Polskie Górnictwo Naftowe i Gazownictwo (PGNiG). The deal could be terminated if Gas Storage Poland, which operates gas storage facilities currently owned by PGNiG, is sold.

The Ministry of State Finance estimated that The four merged companies, such as PKN Orlen with Energa plus Lotos and PGNiG, will have, as a new entity, approximately PLN 78 billion in total capitalization, PLN 200 billion in revenue per year and PLN 20 billion in revenue.

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