'Multi-Energy ORLEN. The Company's Growth from 2016 to 2023' - how ORLEN made it to the top

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Feb 01, 2024, 06:36 ET

WARSAW, Poland, Feb. 1, 2024 /PRNewswire/ -- Within an eight-year span, ORLEN has grown to become the largest company in the CEE region. The Group now not only plays a pivotal role in ensuring the region's fuel and energy security but is also vigorously pursuing an ambitious goal of achieving carbon neutrality. The report 'Multi-Energy ORLEN. The Company's Growth from 2016 to 2023' showcases the key initiatives that have established ORLEN as a frontrunner in the energy transition.

"Since the commencement of my mission at the ORLEN Group, I have operated under the steadfast belief that mediocrity is not an option. I can now proudly say that, through collective efforts, we have successfully secured our place as a fully-fledged member of the premier league of Europe's major players," evaluates Daniel Obajtek, CEO of ORLEN SA.

The successfully completed mergers with LOTOS, PGNiG, and Energa have laid the foundation for building a multi-energy group with diversified operations – ranging from upstream activities to crude oil processing and energy production, and up to comprehensive wholesale and retail business. As a result, ORLEN has become a corporate group with a potential comparable to that of other major European companies in its sector, such as Repsol or ENI.

Thanks to the completed mergers and effective building of business relations across the globe, ORLEN was able to maintain stable supplies to customers throughout the pandemic and following the outbreak of war in Ukraine. During this time, the company broke away from its legacy dependence on Russian crude oil, which as recently as 2015, accounted for nearly 100% of the oil reaching the ORLEN Group's refineries. ORLEN has also successfully diversified natural gas supplies to Poland.

ORLEN, as the first fuel and energy group in the CEE region, has committed to achieving carbon neutrality by 2050. That is why, over the last eight years, the company has been investing intensively in green energy assets, including Poland's first offshore wind farm, Baltic Power, with a capacity of 1.2 GW to be commissioned in 2026.

The Group's capital expenditure in 2023-2030 is planned to reach a total of PLN 320 billion, of which as much as 40% will be allocated specifically to projects aimed at reducing carbon emissions.

Link to the report: orlen.pl/multi-utility-orlen-report.