The Saudi Arabian Oil Company (Aramco), one of the world’s leading integrated energy and chemicals companies, has successfully closed three landmark transactions with Polish refiner and fuel retailer PKN Orlen, through its subsidiary Aramco Overseas Company BV, based in the Netherlands, Report informs via TradeArabia.
As part of the transaction, first announced in January 2022, the company acquired equity stakes of 30% in a 210,000 barrels-per-day refinery in Gdansk; 100% in an associated wholesale business; and 50% in a plane fuel marketing joint venture with BP Europa SE, which operates in seven airports in Poland, following PKN Orlen's merger with Grupa Lotos.
The agreements represent a significant milestone in Aramco’s long-term strategy to grow its integrated refining and petrochemicals capacity, and expand its product portfolio across the entire hydrocarbon value chain, said the Saudi company.
The transactions also seek to establish a solid foundation for further business development, and aim to complement Aramco’s strategy to expand its liquids to chemicals capacity to up to 4 million barrels per day, it said.
Aramco and PKN Orlen have also entered into a crude oil sales agreement, pursuant to which Aramco will supply approximately 45% of PKN Orlen’s crude oil requirements. In addition to the investments, Aramco, Sabic and PKN Orlen have signed a joint development agreement to assess the technical and economic feasibility of a potential petrochemical project in the Polish city of Gdansk.