Polish, Saudi oil giants sign deal for refinery partnership

Poland's biggest oil refiner PKN Orlen says it has successfully closed three landmark transactions with Saudi Arabia’s Aramco Overseas Company as part of legal procedures following the Polish giant's merger with a smaller local peer.

PKN Orlen CEO Daniel Obajtek.

Photo: PAP/Marcin Obara

The contract includes the sale of a 30-percent stake in Poland’s Lotos refinery as part of “remedial measures” required by the European Union for Orlen’s merger with Lotos.

We have finalised three transactions with @Aramco involving refining, wholesale and plane fuel businesses, following @PKN_ORLEN’s merger with Grupa LOTOS

📰Press release: https://t.co/HppTt8mwPr pic.twitter.com/8eKbGpD3kI

— ORLEN Group (@ORLEN_Group) November 30, 2022

“The Saudi Arabian oil that will start flowing thanks to that deal offers a chance to completely give up Russian oil deliveries soon,” said energy sector analyst Piotr Maciążek.

"Other than that Poland is teaming up with a new partner who brings new quality to the region," he added.

Michał Owczarek has the story.

Click on the audio player above to listen.