Polish mega-merger to spawn CEE’s largest multi-energy firm: exec

The planned merger of Poland’s state-owned gas firm PGNiG and fuel giant PKN Orlen will result in the emergence of Central and Eastern Europe’s largest multi-energy provider, a senior executive has said.

Jerzy Kwieciński.

Jerzy Kwieciński.Photo: PAP/Rafał Guz

The new multi-energy corporation expected to be formed in the merger will be a regional powerhouse and a major player on the European market, PGNiG CEO Jerzy Kwieciński added.

“The merger of PGNiG with PKN Orlen will create not only the largest multi-energy company in our region, but also a force to reckon with on the European market,” Kwieciński said on Tuesday.

He told public broadcaster Polish Radio that the Polish multi-energy giant would be “bigger than Hungary’s MOL and also bigger than Austria’s OMV.”

The planned merger is also about “building Poland’s economic position in Europe and beyond,” Kwieciński said.

The European Union’s executive last month gave the green light for a merger of Poland’s two largest fuel firms, PKN Orlen and Lotos, but imposed a number of conditions.

PKN Orlen in mid-July signed a letter of intent to take control of PGNiG.

Polish Deputy State Assets Minister Zbigniew Gryglas said at the end of last month that new Polish energy corporation combining the assets of PKN Orlen, Lotos and PGNiG would boast an annual revenue of nearly PLN 200 billion (EUR 45.4 billion, USD 53.5 billion), the energetyka24.com website reported.

(gs/pk)

Source: energetyka24.com

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