A serious blow for Orlen. The company called a conference

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Orlen responds to the Supreme Audit Office’s report on the merger with Lotos

In a publication published a few hours earlier, the Supreme Audit Office indicated that Lotos’ assets were sold in 2022 at least PLN 5 billion below their value.and the then Minister of State Assets, Jacek Sasin, recommended that the government consent to the merger without proper analysis.

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Szewczak stated that the company not only did not lose on the transaction with the Saudis, but also earned PLN 9 billion from it.. Orlen’s vice president argued that the company had documents confirming these calculations.

If this merger had not taken place, if we had not managed to negotiate a contract with Saudi Aramco for oil supplies, half of Poles would have had to leave their cars in the garage, and half of the companies would have gone out of business. We managed to put it all together, said Szewczak.

– Everyone believed in this merger, but perhaps not everyone wanted such a large concern to operate in Poland – he added. He also said that the Supreme Audit Office’s report “is worthless” and the Chamber “uses incorrect data and incorrect methodology.”. The vice-president of Orlen believes that the Chamber’s publication is unreliable and harmful to the company.

– NIK did not use Orlen’s materials, but only its own assumptions – emphasized Szewczak.

Findings of the Supreme Audit Office

In its report, the Supreme Audit Office indicated that the sale of shares in the Gdańsk Refinery to Saudi Aramco was below the valuation value by approximately PLN 3.5 billion. At the same time – as we read – Aramco has obtained a very strong position in the Gdańsk Refinery, including the right to veto key strategic decisions regarding the company’s management – noted the Chamber. In her opinion, there is a risk of paralyzing the activities of the Gdańsk Refinery in the event of lack of shareholder consent regarding the strategic directions of the company’s development..

In information about the results of the audit “Implementation of activities to improve fuel security in the oil sector”, the Supreme Audit Office assessed that, taking into account the government’s goal of improving the energy security of Poland and the region, the merger of Orlen with Lotos, taking into account the remedial measures agreed between Orlen and the European Commission , resulted in significant risks.

According to the Chamber, the Minister of State Assets and the Minister of Climate and Environment remained passive and thus did not ensure that these risks were minimized. Moreover, the head of MAP improperly supervised the merger process of the companies on behalf of the State Treasury. He performed some of his duties unreliably and submitted to the Council of Ministers an application for consent to the merger of PKN Orlen with Grupa Lotos, without sufficient grounds for doing so. As a result, the State Treasury lost approximately 20% of its influence on sales directions. products produced in Polish refineries, which may cause problems in fully covering the domestic demand for these products – said the Supreme Audit Office.

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