Polish Briefing 23 July, 2018 9:00 am   
COMMENTS: Mateusz Gibała

Polish Briefing: Preparations for the Orlen-Lotos merger are going on

What goes on in Poland on the 23rd of July.

Preparations for the Orlen-Lotos merger are going on

On Friday, at the head office of the Warsaw Stock Exchange, a press conference devoted to the financial results of PKN Orlen in the second quarter of 2018 with the participation of company managers was held. They spoke, among other things, about plans to take over the Lotos Group.

According to the vice-president Zbigniew Leszczyński, one of the most important projects implemented by the company is the acquisition of Grupa LOTOS. – The work is intensive and carried out according to the schedule. We want to carry out this process in accordance with the scenario presented in the letter of intent, i.e. by purchasing 66 percent of the Lotos Group shares. From the beginning, we emphasized that it is a multi-stage and complex process. We work on the legal and financial aspects of this transaction. The relevant market analyzes are in progress – he said.
He also noted that an application to the European Commission is being prepared for consent to concentration.

Orlen does not exclude nuclear energy, but thinks about the RES

Orlen analyzes the possibilities of building offshore wind farms in the Baltic Sea. At the same time, it does not delete the involvement in the construction of a nuclear power plant. – Orlen does not exclude the nuclear, but we are not currently planning to invest in a nuclear power plant – Wiesław Protasewicz, member of the management board of PKN Orlen, said at Friday’s press conference.

Asked by journalist about involvement of the company in the construction of a nuclear installation, member of the board for financial affairs of PKN Orlen Wiesław Protasewicz stated that the company looks at all events and media information regarding the construction of a nuclear power plant. – We had the opportunity to get acquainted with them. At present, we do not plan to invest in nuclear energy. We know that the discussion continues. Recently, new figures have been published by the Ministry of Energy. We will analyze it – he said.

Asked about Orlen investments in offshore wind farms, he stated that the company is analyzing the possibility of constructing 1200 MW offshore wind farms. – We have a valid license until 2020. We will endeavor to extend it. If the construction decision is taken, it will be possible after 2023 – added Protasewicz.