Agreement signing ceremony
Saudi Arabian Oil Co. (Saudi Aramco) announced an expansion of its global presence in refining, marketing and chemicals through investments in refining, wholesale sales and jet fuel marketing in Poland.
According to a statement, the company agreed to acquire 30% stake in a 210,000 barrel-per-day refinery in Gdansk, 100% in its associated wholesale trade, and 50% in a joint venture to market jet fuel with British Petroleum Co. (BP).
The company indicated that the acquisitions would be made by Poland-based PKN ORLEN following its merger with Grupa LOTOS, and the completion of the transaction is subject to regulatory approvals, including approval by the European Commission.
Such investments would contribute to expanding Aramco’s presence in the areas of European refining and marketing, in addition to increasing its crude oil exports to Poland, in line with PKN ORLEN’s strategy to diversify its energy supply.
The statement noted that it also signed a memorandum of understanding (MoU) with PKN ORLEN and Saudi Basic Industries Corp. (SABIC) to explore joint opportunities in Poland and elsewhere in Central and Eastern Europe.
Another MoU has also been signed between Saudi Aramco and PKN ORLEN focusing on exploring potential research and development opportunities.
Mohammed Al Qahtani, Senior Vice President of Downstream at Saudi Aramco, commented that these acquisitions will support the diversification of the company’s product portfolio through the hydrocarbon value chain, including a focus on converting liquid fuels into chemicals.
“Our expanding global network of refineries and joint chemical projects allows us to access new markets with our products, and to strategically supply crude oil quantities in different geographical areas. The objectives related our oil, its products and chemicals business are closely aligned with PKN ORLEN’s, allowing us to explore additional opportunities in the European petrochemical market, as well as in research and development,” Al Qahtani also said.
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