ORLEN to acquire KUFPEC Norway from KUFPEC for $445m.

ORLEN, Poland’s largest refiner, agreed to acquire KUFPEC Norway, oil and gas producing assets on the Norwegian continental shelf, from KUFPEC, an international oil company, for $445m. “We have successfully concluded a strategic deal on the Norwegian Continental Shelf. With the acquisition of KUFPEC Norway, the ORLEN Group's gas production in Norway is set to grow by more than 1 bcm per year. This significantly enhances our capacity to meet the demand of the Polish market and the entire region utilising our own gas resources. Beyond advancing the ORLEN Group's strategic goals, this transaction brings synergies that boost our development potential in Norway. We have secured control of fields where we already hold direct interests acquired through previous transactions, this will ensure seamless integration of the acquired assets, optimisation of operating costs and, by significantly scaling up our operations, access to attractive funding for further investments,” Daniel Obajtek, ORLEN CEO and President of the ORLEN Management Board.