- Aramco acquires 30% of a 210,000 barrels per day refinery in Gdansk.
- Aramco takes 100% stake in an associated wholesale business and 50% in a jet fuel marketing joint venture with BP.
- Completion of the transaction is subject to regulatory approvals, including from the European Commission.
- Aramco signs MoUs with PKN Orlen and SABIC to explore opportunities in Central and Eastern Europe.
Investment Details
Aramco is expanding its downstream presence in Europe by acquiring stakes in Poland's refining, wholesale, and jet fuel marketing segments. The company will acquire 30% equity in a 210,000 barrels per day refinery in Gdansk, 100% in an associated wholesale business, and 50% in a jet fuel marketing joint venture with BP. These acquisitions are from PKN Orlen, following its proposed merger with Grupa Lotos. The transaction is pending regulatory approvals, including from the European Commission.
Strategic Alignment
These investments will enhance Aramco's presence in the European downstream sector and increase its crude imports into Poland, aligning with PKN Orlen's strategy to diversify its energy supplies. The move supports Aramco's goal to diversify its product portfolio across the hydrocarbon value chain, focusing on liquids-to-chemicals pathways.
Memorandums of Understanding
Aramco has signed a memorandum of understanding (MoU) with PKN Orlen and SABIC to explore joint opportunities in Poland and Central and Eastern Europe. Another MoU between Aramco and PKN Orlen focuses on potential research and development opportunities.
Statements from Executives
Mohammed Al Qahtani, Aramco Senior Vice-President of Downstream, emphasized that these acquisitions will support the diversification of Aramco's product portfolio and strategically place crude oil volumes across different geographies. Daniel Obajtek, President of the PKN Orlen Management Board, highlighted the importance of the merger for ensuring high-quality crude oil supplies to Poland and building a strong multi-utility group in the region.
