Locked content Orlen to buy crude oil from Angola

WSE-listed fuel giant Orlen signed a deal to acquire 130 metric tons of Nemba crude oil from Angola, the company said in a market filing. The company expects the delivery to arrive at the LNG terminal in Gdańsk in February next year. “The second biggest producer in Africa will be joining the group o...

Locked content Tauron and Orlen to build powerplant in Czechia

WSE-listed power utility Tauron and fuel giant Orlen signed a letter of intent to build a power and heating plant in Czech Neratovice on Orlen’s premises. The unit would provide the refiner’s subsidiary Spolana with technological steam. “State-run companies should cooperate with each other and suppo...

Locked content Orlen buys oil in Nigeria

WSE-listed fuel giant Orlen purchased 130k metric tons of crude oil from Nigeria and expects a delivery in mid-October, the company said in a market filing. The order is due to “an increased demand” for oil on the Polish market, which according to its CEO Daniel Obajtek has gone up by 30 percent. “T...

Locked content Orlen Q2 profit soars

WSE-listed fuel giant Orlen had PLN 1.74 billion Q2 net profit, up by 20 percent y/y and up by 44.9 percent above market expectations. For H1, the net profit amounted to PLN 2.78 billion down from PLN 3.46 billion the year before. EBITDA amounted to PLN 3.04 billion, down by 30.4 percent y/y, while ...

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 Orlen receives Iranian oil shipment

WSE-listed fuel group Orlen received the spot delivery of Iranian crude oil on Friday, the company said in a market filing. “Delivery from Iran has become a fact. Oil from the Middle East gives us many opportunities. First of all, it enables diversification of delivery directions and increases the e...

Locked content Lotos may take over Orlen in planned Orlen-Lotos merger – sources

According to sources cited by daily Rzeczpospolita, it could be the Lotos Group taking over Orlen, rather than the other way round, in the planned transaction set to merge the two fuel concerns. Orlen will issue shares that will be acquired by the shareholders of the Płock-based Lotos Group. This tr...

Locked content Orlen wants to invest in wind farms

WSE-listed fuel giant Orlen announced a tender for the development of a preliminary technical concept that will determine the possibilities for preparing and implementing an offshore wind farms project in the Baltic Sea, the company said. The maximum power capacity of the installation was set at 1,2...