PKN Orlen to merge with PGNiG in a $18.5bn deal.

PKN Orlen, an oil and gas company, agreed to merge with PGNiG, an oil and gas exploration and production company, in a $18.5bn deal. “Building a large, strong multi-utility group is a landmark business project that will stimulate further economic growth and help enhance Poland’s energy security. When PKN ORLEN and the LOTOS Group join forces, it will be easier for us to achieve the energy transition that Poland and all the other countries in Europe simply must undergo. In order to secure a strong position on international markets and ensure Poland’s energy security for many years to come, we need to build a company capable of successfully competing in global markets,” Iwona Waksmundzka-Olejniczak, PGNiG President of the Management Board.