Saudi Aramco is one of the world's leading integrated energy and chemical companies. Through its Dutch subsidiary Aramco Overseas BV, Saudi Aramco successfully completed three landmark transactions with Polish refiner and fuel retailer PKN ORLEN.

As part of the transaction, the company announced for the first time in January 2022 that it had acquired 30% of the equity of a 210000 barrel/day oil refinery in Gdansk; 100% engaged in relevant wholesale business; After the merger of PKN ORLEN and Grupa LOTOS, 50% of the aircraft fuel marketing joint ventures operated by PKN ORLEN and BP Europa SE in seven airports in Poland.

These agreements are an important milestone in Saudi Aramco's long-term strategy, aiming to improve its comprehensive refining and petrochemical capacity and expand its product portfolio throughout the hydrocarbon value chain. These transactions are also intended to lay a solid foundation for further business development and complement Saudi Aramco's strategy of expanding its liquid to chemical production capacity to 4 million barrels per day.

Mohammed Y. Al Qahtani, senior vice president of downstream of Saudi Aramco, said that these investments are part of our efforts to consolidate Saudi Aramco's position in key markets in Europe, and provide a unique opportunity to develop new routes for liquid chemicals. He hoped to expand our global downstream footprint and support the diversification of our product portfolio. At the same time, we are eager to continue to develop our product portfolio through the continuous downstream transformation strategy.

Daniel Obajtek, chairman of PKN ORLEN Management Committee, said that these transactions are of strategic significance for further strengthening energy supply, not only in Poland, but also in the whole region. We have established the largest company in Central Europe, with a diversified portfolio, which will effectively strengthen the existing business lines and develop new business lines. This has created new growth opportunities, enabling us to continue to expand potential and high margin products. Keywords: engineering news, engineering construction

Saudi Aramco and PKN ORLEN also signed a crude oil sales agreement, according to which Saudi Aramco will supply about 45% of the crude oil demand of PKN ORLEN. In addition to investment, Saudi Aramco, SABIC and PKN ORLEN also signed a joint development agreement to assess the technical and economic feasibility of potential petrochemical projects in Gdansk, Poland.Editor/XingWentao