- PKN ORLEN retains 70% stake in 210,000 barrels-per-day Gdansk refinery.
- Aramco acquires 30% stake in refinery, 100% in wholesale, and 50% in plane fuel JV.
- Aramco to supply 45% of PKN ORLEN's crude oil requirements.
- Joint development agreement signed for potential petrochemical project in Gdansk.
Transaction Details
PKN ORLEN has finalized three transactions with Aramco involving refining, wholesale, and plane fuel businesses. This follows PKN ORLEN’s merger with Grupa LOTOS. Aramco will supply almost 45% of PKN ORLEN’s crude oil requirements under the agreement.
Stake Distribution
As part of the transaction, PKN ORLEN retains a 70% stake in a 210,000 barrels-per-day refinery in Gdansk. Aramco acquires a 30% equity stake in the refinery, 100% in a wholesale business, and 50% in a plane fuel marketing joint venture with BP Europa SE, which operates in seven airports in Poland.
Strategic Importance
The agreements are significant for Aramco’s long-term strategy to grow its integrated refining and petrochemicals capacity. They aim to expand Aramco’s product portfolio across the hydrocarbon value chain and support its goal to increase liquids to chemicals capacity to up to 4 million barrels per day.
Future Developments
Aramco, SABIC, and PKN ORLEN have signed a joint development agreement to assess the technical and economic feasibility of a potential petrochemical project in Gdansk. This agreement aims to establish a solid foundation for further business development and complement Aramco’s downstream transformation strategy.
