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Orlen – Saudi Aramco agreement. Comments Piotr Woźniak, former president of PGNiG

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Bargain purchase is the worst thing for me. Someone must lose out on this occasion – this is how Piotr Woźniak, former Minister of Economy and former president of PGNiG, referred to the acquisition of Energa and Lotos by Orlen in “Rozmowie Piaseckiego” on TVN24.

In program “Black on White” a draft agreement was presented between Orlen and Saudi Aramco – a global fuel giant, which at the end of November became the owner of 1/3 of the Gdańsk Refinery. The document shows that after the merger of Orlen and Lotos, Poland may lose control over the refinery.


On December 27, we received permission to familiarize ourselves with the materials collected in the files of the National Court Register of Rafineria Gdańska sp. The files also include one of the contracts concluded by Orlen with the Saudi giant.

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The entire executive contract between Orlen and Saudi Aramco >>>

Former CEO of PGNiG on Orlen’s transactions

Woźniak said that he brought fragments of Orlen’s financial statements with him to the TVN24 studio.

– It is clearly written here that in the case of the penultimate transaction – the purchase of 80 percent of Energa shares, I quote: the transaction had a positive impact on the company’s financial results, the PKN Group (Orlen) recognized a profit from a bargain purchase, I repeat a bargain, in the amount of PLN 4 billion and PLN 62 million (PLN). In the case of Lotos, I also quote: in the third quarter of 2022, the Group recognized a temporary gain on a bargain purchase of the Lotos Capital Group in the amount of PLN 5 billion 923 million. (…) In total, this is PLN 10 billion, which was received from a bargain purchase – stressed the former minister of economy.

He also added: – Bargain purchase is the worst thing for me. Someone has to lose on this occasion. Who has gained? This we know, this is PKN Orlen. Who lost? That’s a question I’d like to hear an answer to, because it’s something that affects everyone.

Former president PGNiG he also said that as a result of the transaction, the State Treasury’s share in Orlen “exceeded 50 percent, but only for a week or two.” – At the moment, the State Treasury has shares (at the level of – ed.) 49 percent, because it sold these shares above 50 percent – he said.

He noted that as a result of the transaction “a group with a huge capitalization was to be created.” He said that before the announcement of the merger, i.e. from June to today, Orlen’s capitalization fell by 15.87 percent. He pointed out that the goal of increasing the capitalization “failed”.


Woźniak on prices at Orlen stations

Orlen has significantly reduced wholesale prices in recent days fuel pricesat the same time, prices at stations – despite the increase in the VAT rate – remained unchanged.

– I wonder how long it will take. I expect a very imminent raise – Woźniak said in “Piasecki’s Conversation” on TVN24. He also assessed that “we are dealing with a duopoly”.

Main photo source: PKN Orlen

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