Polish Briefing: Orlen determined the conditions for the acquisition of Energa with the State Treasury

What goes on in Poland on the 20th of April.

Orlen determined the conditions for the acquisition of Energa with the State Treasury

PKN Orlen announced that on April 18, 2020, it signed an agreement with the State Treasury regarding the planned takeover of capital control over Energa. It included obligations, such as the implementation of the country’s energy policy.

The agreement contains declarations of intent of the company which do not constitute a contractual obligation. They concern the implementation of the Polish energy policy by the company, continuation of Energa’s strategic investments and maintenance of the employment policy in the Energa capital group ensuring the proper and safe functioning of companies from this group in all areas of their activity.

– The declaration relating to the implementation of the Polish energy policy by the Company, whose main objective is to ensure Poland’s long-term energy security, will be implemented to the extent permitted by generally applicable law and the Company’s Statute, in particular through capital control over Energa – says company’s report.

PKN Orlen declared that after taking over control of Energa, its strategic investments will continue. The agreement, however, gives the opportunity to verify the terms of their continuation, which may include the construction of the Ostrołęka C Power Plant.

Kwieciński: German institutions want to represent Russian interests at Nord Stream 2

PGNiG President Jerzy Kwieciński strongly criticizes Germany’s position on the disputed Nord Stream 2 gas pipeline project. – The exclusion of Nord Stream 2 from European law is the intention of the Russian side, i.e. German entities, German institutions want to clearly represent Russian interests and we do not like it – said Jerzy Kwieciński in an interview with Polish Radio quoted by the Information Radio Agency.