Good.
From Reuters via Yahoo Finance, January 17:
Saudi Arabia’s planned purchase of Polish refining assets is set to put OPEC's top producer in charge of two thirds of Poland's oil supply, eroding previously dominant supplier Russia's leverage as it grapples with regional tension.
Poland has a long history of seeking to reduce its dependence on Russian energy imports through deals with alternative suppliers and its determination has grown as relations have worsened.
In recent months, Moscow and Warsaw have clashed over the Nord Stream 2 gas pipeline that bypasses shared neighbour Ukraine, as well as a migrant crisis involving another joint neighbour Belarus....
....MUCH MORE
From New Europe, January 12:
Poland’s plans to create global energy giant take another step forwardDeals to sell assets to Saudi Aramco and MOL clear the way for PKN Orlen to formally takeover Lotos Group.
State-owned PKN Orlen, Poland’s largest oil refiner and petrol retailer, has agreed to sell a number of assets belonging to fellow Polish refiner and retailer Lotos Group in order to meet EU conditions for the merger of the two energy firms.
The European Commission gave the all clear for PKN Orlen to take a majority stake in Lotos in 2020, following an in-depth investigation of the merger, which was first agreed in 2018.
Both oil companies are active in Poland and several other Central and Eastern European and Baltic countries.
“This is a very important day for our economy and the economy of the entire region,” said PKN Orlen boss Daniel Obajtek at a press conference.
“Climate policy, regulatory and market pressure require us to transform, to take quick, decisive steps.”
Saudi Aramco, MOLSaudi Aramco will buy a 30 per cent stake in the refining subsidiary of Lotos, for around 1.15 billion złoty (243 million euros), while the Hungarian MOL Group is to purchase its 417 Polish petrol stations for 610 million US dollars.
“Saudi Aramco does not follow trends, it sets them. It is the largest oil producer in the world, a leader in the development of modern petrochemicals, has access to modern technologies, thousands of patents, and a research and development base all over the world,” added Obajtek.
In a statement, MOL said that the deal will make it the third largest fuel retailer in Poland.
“We will gain access to the biggest economy in Central and Eastern Europe, reaching almost 40 million potential customers with our products and services,” said Péter Ratatics, MOL’s vice president of consumer services.
PKN Orlen will in turn take over 185 MOL fuel stations in Hungary and Slovakia, valued at 259 million US dollars....
....MUCH MORE
If interested see also:
"Berlin, Moscow Negotiate New Trade Accord".
-Reading Eagle
Feb. 12, 1940
"Poland's Plan to Dominate Europe"
Poland's Plan to Dominate Europe II
Poland's Plan To Dominate Europe, III: Here Comes China
