Daniel Obajtek promised that the merger of PKN Orlen and Lotos would ensure Poland’s energy security. Representatives spoke in a similar tone Polish rz±du. – This is a great opportunity for Poland, for the Polish economy – said the Minister of State Assets Jacek Sasin about the merger of the two companies.
Gdansk refinery at risk? Unveiled the draft agreement between Orlen and Saudi Aramco
TVN24 journalists Łukasz Frątczak and Dariusz Kubik of “Black and white” presented a draft contract between Orlen and Saudi Aramco, which they reached in November. The document dated June 2022 concerns the sale of 30 percent. shares of Rafineria Gdańska to the Saudis as part of the merger Orlen with lotus. At that time, the European Commission approved all merger deals. “The draft is not much different or is it the final version of the contract” – you hear in the report “Hostages of the contract”.
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The project includes record it Orlen will not take any action listed in a separate addendum if Saudi Aramco vetoes it. This means that the Saudis will be able to block decisions Polish government, said Prof. Michał Romanowski, civil and commercial law specialist in an interview with TVN24. The expert’s statement contradicts the assurances of Daniel Obajtek, who guaranteed that Saudi Aramco would not have a veto right.
Orlen would have to pay a fine to Saudi Aramco for violating oil supplies
In the draft contract, mentioned in the TVN24 material, there was also a provision according to which Orlen will have to pay Saudi Aramco a contractual penalty of 500 million dollarsif he materially violates the contract for the supply of Saudi oil to Poland. What’s more, the sanction is independent of the existence and effective amount of the damage. – This is a resolution written by a man who is mad. I can’t comment on that, said Prof. Michael Romanowski.
TVN24 journalists explained that they asked PKN Orlen if the provisions of this project were included in the final version of the contract. Orlen “didn’t deny the existence of any provisions” and explained that “everything is in accordance with the law”. Saudi Aramco did not supply answers.
In 2021, Rafineria Gdańska generated a profit of around PLN 3 billion and in the second quarter of 2022 alone around PLN 4 billion. Meanwhile, Saudi Aramco will pay 30%. shares just over PLN 1 billion, according to the report.
PKN Orlen replies: The company will have a decisive influence on the decision-making process
The Orlen company issued a statement regarding the report by TVN24 journalists. “We strongly deny the theses contained in the publications of ‘Gazeta Wyborcza’, TVN24 and the statements of some opposition politicians. In our opinion, they are only an attempt to manipulate the facts and discredit key processes for ensuring Poland’s energy security and region,” it reads.
PKN Orlen stressed that “there is no risk of uncontrolled divestment of the shares of Rafineria Gdańska. The agreements concluded by PKN Orlen with Saudi Aramco were prepared by renowned Polish and foreign law firms, their content is consistent with the highest standards professional and fully reflects the commercial agreement of the partners. These agreements have been approved by the European Commission in terms of compliance with EU competition law.
At the same time, we would like to clarify that 70% of the shares of the company operating the Gdańsk refinery will remain in the hands of PKN Orlen, which will have a decisive influence on the company’s corporate decisions. This is guaranteed by the shareholders’ agreement itself, the draft of which was attached to the preliminary agreement for the sale of the LOTOS Asfalt shares. In particular, representatives of PKN Orlen will form the majority of members of the management board and the supervisory board of this company. The shareholders’ agreement was developed on the basis of the best market standards
– reads the message.
