Aramco grows downstream presence in Europe
The Saudi Arabian oil company, the world’s largest integrated energy and chemicals firm, has agreed to acquire equity stakes of 30% in a 210,000 bpd refinery in Gdansk; 100% in an associated wholesale business; and 50% in a jet fuel marketing joint venture with BP.
The acquisitions will be made from Polish refiner and fuel retailer PKN Orlen following its proposed merger with Grupa Lotos.
The investments will widen Aramco’s presence in the European downstream sector and further expand its crude imports into Poland.
In addition to the investments, Aramco has signed a MOU with PKN Orlen and SABIC, one of the world’s largest petrochemicals companies, to explore joint opportunities in Poland and elsewhere in Central and Eastern Europe.
Mohammed Al Qahtani, Aramco’s vice president of downstream, said: “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.”
Daniel Obajtek, president of the PKN Orlen management board, added: “This is an historic day for the Polish energy industry. The completion of the merger is an opportunity to ensure high-quality crude oil supplies to Poland from Aramco. This is a key stage in building a strong multi-utility group that delivers diversified and reliable energy to Poland. Such international partnerships are essential for building the largest multi-utility group in this part of Europe.”