Riyadh – Mubasher: The Saudi Arabian Oil Company (Aramco) is expanding its international presence with investments in Poland’s refining, wholesale, and jet fuel marketing sectors, according to a press release on Wednesday.
Aramco will acquire several equity stakes of 30% in a 210,000-barrel-per-day refinery in Gdansk, 100% in an associated wholesale business, in addition to 50% in a jet fuel marketing joint venture with BP.
The three acquisition transactions will be carried out from PKN Orlen, a Polish refiner and fuel retailer, following its proposed merger with Grupa Lotos.
Aramco noted that the new investments would boost its presence in the European downstream sector and endorse its crude imports into Poland, which comes in line with PKN Orlen’s strategy of diversifying its energy supplies.
Besides the acquisitions, Aramco has signed a memorandum of understanding (MoU) with both PKN Orlen and the listed Saudi Basic Industries Corporation (SABIC) to explore joint opportunities in Poland as well as in Central and Eastern Europe.
Aramco and the Polish company penned another MoU that focuses on exploring potential opportunities for research and development.
Aramco Senior Vice-President of Downstream, Mohammed Al Qahtani, 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.”
Al Qahtani added: “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.”
Daniel Obajtek, President of the PKN Orlen Management Board, commented: “Such international partnerships are essential for building the largest multi-utility group in this part of Europe.”
