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Poland reveals details of merger to create multi-energy giant

12.05.2021 12:37
Poland's state treasury will increase its stake in fuel giant PKN Orlen from 27.52 percent to 50 percent, a government minister said on Wednesday, giving details of planned mega-merger that will create a giant Polish multi-energy provider.
Jacek Sasin.
Jacek Sasin. Photo: PAP/Leszek Szymański

Orlen is set to take over Poland’s state-owned gas firm PGNiG and fuel firm Lotos.

State Assets Minister Jacek Sasin said the consolidation would help the Polish economy to return to a path of rapid growth.

"This merger is to be good for Poland and our future. Our economy must be stronger and more innovative so that it can meet the challenges that lie ahead," he added.

The merger of PKN Orlen and PGNiG will result in the emergence of Central and Eastern Europe's largest multi-energy provider, a senior executive said last year.

(pk)

Source: IAR/PAP