Bold direction of development of state-owned enterprises
The European Commission approved the acquisition of Lotos Group by PKN Orlen. It is the culmination of a long and difficult process.
It was already planned in 1998. Many people wanted to carry it out, but no one had such strength and determination as we have. It was possible thanks to the great cooperation of the Prime Minister Mateusz Morawiecki, since it is an economic, business and political process Daniel Obajtek, the President of the Management Board of PKN Orlen said.
There are decades of investments in new technologies, research, development, implementations, and energy transformation ahead of us. Of which the extended Orlen constitutes a key entity the Prime Minister Mateusz Morawiecki indicated. As he stressed, in order to carry out such a complicated economic process, it is necessary to have an adequate capital force.
Multi-energy concern - European champion
One Polish enterprise will be established - a multi-energy concern enjoying a significant position on the European market.
What is taking place today, is a breakthrough process that increases the efficiency of the entire large Polish ORLEN energy group the head of the government said.
This merger and subsequent changes on the market constitute a bold direction for the development of a champion on a European scale, with the ambition to enter other markets he continued.
The Prime Minister assured that the Lotos-related workplaces would be maintained and announced the possibility of increasing employment in the most technically advanced segments.
On the other hand, Jacek Sasin, the Deputy Prime Minister, Minister of State Assets, stressed that after the merger, the businesses
will be closing this market and building a Polish multi-energy concern, operating not only on the market of liquid fuels, but also in fuel gases and power industry.
Merger with PGNiG
At the same time when PKN Orlen was given the go-ahead to acquire Lotos, it also signed a letter of intent on the Polish Oil and Gas Company.
The extended PKN Orlen is a key player. In order to carry out the process, it is necessary to have capital force. This type of mergers makes it possible to generate additional synergies in terms of income and costs. It is a breakthrough process which will increase the efficiency of the operations of PGNiG and PKN ORLEN. The comprehensive integration of certain markets, distribution, sales and turnover shows further directions of development the Prime Minister summarised.
As a result of the integration of the assets of PKN ORLEN, ENERGA Group, LOTOS and PGNiG, the total annual revenues of the new concern would reach approximately PLN 200 billion.