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Wednesday, April 24, 2024

Orlen – PGNiG. The last condition of the merger has been met – Orlen signed an agreement with Gaz-System regarding the sale of shares in Gas Storage Poland

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Orlen concluded a conditional agreement for the sale of shares in Gas Storage Poland. “Thus, the condition for the merger of ORLEN and PGNiG set by the President of the Office of Competition and Consumer Protection has been met,” the company from Płock said. The purchaser of the shares will be Gaz-System, the transmission system operator owned by the State Treasury.

UOKiK in March 2022, it gave conditional consent to the merger of Orlen i PGNiG. The condition of the transaction was the release of PGNiG's control over Gas Storage Poland – the operator of gas storage facilities. Orlen shareholders at the beginning of February this year. adopted a resolution consenting to the sale of 100 percent. shares in Gas Storage Poland.

On Thursday, Gaz-System concluded a conditional sales agreement with Orlen. “The acquisition of shares depends on the Office of Competition and Consumer Protection consenting to the concentration,” the transmission system operator said in a statement on Friday.

Orlen concluded an agreement with Gaz-System

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The concluded agreement concerns the sale only of the storage system operator, while the warehouses themselves remain the property of the Orlen Group.

“The acquisition by Gaz-System of the company that acts as the operator of underground gas storage facilities will strengthen supervision over strategic gas infrastructure in Poland. It will also improve cooperation between the transmission system operator and the storage system operator. This will also translate into greater security of gas supplies to consumers, better use existing storage capacities and their increase,” said Sławomir Hinc, president of Gaz-System, quoted in the press release.

In Gaz-System's opinion, concentrating in the competences of one capital group tasks related to the operation of the transmission system, the LNG Terminal and natural gas storage guarantees making optimal decisions regarding the expansion of storage installations and their modernization, taking into account the needs of both systems and gas market participants, as well as ensuring optimal financing and comprehensive investment implementation.

“In addition, Gaz-System and Gas Storage Poland, operating within one capital group, will be able to more effectively ensure the integrity of the gas transmission system in the event of possible crisis situations,” it added.

About Gas Storage Poland

Gas Storage Poland serves as the operator of the natural gas storage system. The operator makes the capacities and capacities of storage installations available to all participants of the gas storage services market.

Orlen has concluded an agreement with Gas Storage Poland under which the company manages the capacity of the company's underground gas storage facilities, located in Kosakowo, Mogilno, Wierzchowice, Brzeźnica, Swarzów, Husów and Strachocin. Their total storage capacity is currently over 3.3 billion cubic meters.

Orlen said that it is currently investing in expanding the storage capacity of UGS Wierzchowice, the largest underground gas storage facility in Poland. The capacity is to increase from the current 1.3 billion m3 to 2.1 billion m3. “As a result of this investment, the gas storage capacity in Poland will increase by as much as a quarter to 4.1 billion cubic meters. This will significantly increase the security of gas supplies to Polish consumers. Completion of construction works is planned at the turn of 2025 and 2026,” he said. concern from Płock.

Main photo source: PGNiG

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