PKN Orlen plans to merge with PGNIG by the end of 2022

The conditional approval of the Office of Competition and Consumer Protection (UOKiK) for the takeover of Polskie Górnictwo Naftowy i Gazownictwo (PGNiG) by PKN Orlen means that the entire process may be finalized by the end of this year, said the president of PKN Orlen, Daniel Obajtek.

“We did not wait for this decision with folded arms. At the same time, we were working on preparing the entire process from the organizational and technical side. As a result, PKN Orlen will merge with PGNiG by the end of 2022. " - said Obajtek, quoted in the press release.

The Office of Competition and Consumer Protection (UOKiK) today approved the takeover of PGNiG by PKN Orlen, on the condition that control over PGNiG's subsidiary Gas Storage Poland is transferred to an independent investor within 12 months of the completion of the transaction.

PGNiG has been listed on the Warsaw Stock Exchange since 2005. The Group deals with the extraction of natural gas and crude oil in the country, the import of natural gas to Poland, gas storage in underground gas storage facilities, distribution of gas fuels, as well as the development of natural gas and crude oil deposits in the country and abroad as well as the provision of geological, geophysical and exploration services in Poland and abroad. Consolidated sales revenues of the company reached PLN 39,197 million in 2020.

The PKN Orlen Group manages six refineries in Poland, the Czech Republic and Lithuania, and is also active in Poland and Canada. Its consolidated sales revenues reached PLN 131.5 billion in 2021. The company has been listed on the WSE since 1999.

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