PKN Orlen completed the merger with Lotos in $3.7bn deal.

PKN Orlen, a major Polish oil refiner and petrol retailer, completed the merger with Lotos, a vertically integrated oil company based in Gdańsk, Poland, in $3.7bn deal. The entity to be formed based on the assets of PKN Orlen, the Energa Group, the Lotos Group as well as PGNiG will be the largest company in Central and Eastern Europe, capable of effectively facing the challenges of energy transition and implementing zero- and low-carbon power generation projects, worth billions of Polish złoty. We will be playing in the first league of European fuel and energy companies, which will strengthen our bargaining position when negotiating raw material supplies or access to technologies. In this way we will ensure sustainable, long-term growth of the combined Group, and security of energy supplies for Poles,” Daniel Obajtek, PKN Orlen President.