Locked content Lotos units work on two hybrid locomotives

Lotos Lab and Lotos Kolej, two units of Grupa Lotos, work on a project for construction of two prototype locomotives with hybrid engines by 2022. The project is executed in a test mode, and locomotives currently owned by Lotos Kolej will be used. “If the technical and economic assumptions are confir...

Locked content Orlen aims for Q3 2019 to takeover Lotos stake

WSE-listed, state-controlled fuel giant Orlen expects to takeover 66 percent stake in peer Lotos in Q3 next year, management board advisor Maciej Mataczyński said. “Our ambition is that at the end of the first quarter of 2019 we will secure the regulator’s approval,” he said, adding that such ...

Locked content Orlen launches due diligence of Lotos ahead of potential takeover

WSE-listed, state-run fuel giant PKN Orlen launched the due diligence of its peer Lotos, as part of the planned merger process, Lotos said in a market filing. “The management board of the company informs that it has taken the necessary steps to ensure the due diligence process in accordance with app...

Locked content Lotos dismisses CEO

WSE-listed, state-controlled fuel giant Lotos dismissed its CEO, Marcin Jastrzębski and appointed its to-date Deputy CEO Mateusz Bonca as acting president, the company said in a market filing. No reason for personnel change has been given. Jastrzębski has been running the company since November 2016...

Locked content Energy Ministry supports ‘full’ integration of Orlen with Lotos

The Ministry of Energy hopes that the merger of the state-owned fuel refiners Orlen and Lotos will be “full.” “We have to achieve full integration, otherwise it would make no sense,” Energy Minister Krzysztof Tchórzewski said. The proposed merger would see Orlen buy some 58 percent of Lotos shares c...

Locked content Lotos Q4 profit grows

WSE-listed fuel giant Lotos posted a PLN 484.7 million Q4 net profit, up from PLN 303.5 million a year ago. Operating profit decreased to PLN 722.7 million from PLN 734.6 million a year earlier. EBITDA dropped to PLN 927.6 million from PLN 1.04 billion a year ago. Group revenues decreased to PLN 7.0...

Locked content Lotos CEO: merger with Orlen is a good business decision

The CEO of WSE-listed fuel company Lotos, Marcin Jastrzębski said that the planned merger with other state-run peer Orlen makes sense “from the business viewpoint, especially in the face of the electromobility revolution.” He also added that the merger will be even more advantageous for Lotos than f...