We want to announce joint petrochemical projects with Sabic, a company controlled by Saudi Aramco, in 2-3 months. Their location will be in Gdańsk, announced the president of PKN Orlen, Daniel Obajtek, on Monday, informs the Polish Press Agency.
Poland : Marek GRZYBOWSKI
SABIC signed a Memorandum of Understanding with Saudi Aramco and PKN Orlen two months ago. The main goal is the exploration of potential petrochemical growth or expansion projects in Poland and Central and Eastern Europe.
„The merger between PKN ORLEN and the LOTOS Group will mark the inception of a single strong group capable of delivering environmentally friendly energy to the Polish economy and meeting the challenges posed by the fuel and energy transition,’ said Daniel Obajtek, President of the PKN ORLEN Management Board, in January.
„These acquisitions will support the diversification of Aramco’s product portfolio across the hydrocarbon value chain — including a focus on liquids-to-chemicals pathways. Our expanding global network of refineries and chemical joint ventures allows us to reach new markets with our products, and strategically place crude oil volumes across different geographies. Our business objectives for oil and chemicals are closely aligned with PKN ORLEN, and we are exploring additional opportunities in the European petrochemicals market, as well as in R&D,” said Mohammed Al Qahtani, Aramco Vice President for Downstream, in January.
Mr. Abdulrahman Al-Fageeh, SABIC’s Executive Vice President for Petrochemicals said: “For more than 40 years and in every region, SABIC’s collaborative approach has built longstanding relationships, delivered innovative solutions, and created mutual value. By bringing together the scale, expertise, and technologies of three world-leading companies, this MOU enables us to identify and assess opportunities for ambitious and sustainable growth.”
“Soon, in 2-3 months, we will be announcing joint petrochemical projects that we will implement with Sabic, controlled by Saudi Aramco. It is possible that their location will be Gdańsk” – said Daniel Obajtek on Monday. The president of PKN Orlen did not disclose what projects it was about.
The acquisition of Lotos is of business importance for Orlen. It is also important for ensuring energy security in Poland, emphasized Obajtek.
Since SABIC’s founding in 1976 by a royal decree, it has exhibited a remarkable ability to do what others said could not be done. Ranked among the world’s largest petrochemicals manufacturers, SABIC is a public company based in Riyadh, Saudi Arabia. 70% of the company’s shares are owned by Saudi Aramco, with the remaining 30% publicly traded on the Saudi stock exchange. SABIC’s growth has been nothing short of miraculous. Today, the company has operations in over 50 countries with a global workforce of over 32,000 talented individuals.
Saudi Aramco is to buy a 30 percent stake in the Lotos refinery, Hungarian MOL – 417 Lotos fuel stations, and Unimot – fuel depots, which was established in January this year. PKN Orlen fulfills the terms of the merger and acquisition of Lotos set by the European Commission. At the same time, the company signed agreements with partners from Saudi Arabia for oil supplies, cooperation in the area of research and development, and joint analyzes of investments in the petrochemical area.