The acquisitions are subject to regulatory approvals, including one from the European Commission, the executive branch of the European Union, Aramco added.
The Saudi oil giant said in a statement:
- The investments will widen Aramco’s presence in the European downstream sector and further expand its crude imports into Poland, which aligns with PKN Orlen’s strategy of diversifying its energy supplies
Daniel Obajtek, President of the PKN Orlen Management Board, noted:
- Such international partnerships are essential for building the largest multi-utility group in this part of Europe
Poland is also one of the most vocal opponents of the Russia-led Nord Stream 2 gas pipeline project from Russia to Germany, which is currently stuck in regulatory limbo in Germany.
Saudi Aramco’s refinery deal in Poland will help the Saudi oil giant to «strengthen its position in a region traditionally dominated by Russian crude,» Bloomberg Intelligence analysts Salih Yilmaz and Rob Barnett wrote in a note.