“We strongly deny the false allegations regarding PKN ORLEN’s acquisition of Grupa LOTOS in the program “Czarno na Białym” broadcast on TVN24 on May 29, 2023. The material contains a number of inaccuracies and simplifications, shocks with sensationalism and manipulates quotes from PKN ORLEN representatives. The author of the program did not take into account the company’s answers, which explained the problems addressed in the program. All this allows us to conclude that the program is prepared in such a way as to prove the preconceived thesis.
The statement reads:
Several companies with different experience and at different stages have signed up for the process. As we have mentioned many times, the partner selection process was multi-dimensional based on many strategic criteria and was carried out with the participation of external experts with international experience and under the supervision of the monitoring trustee appointed by the European Commission. The cooperation with Saudi Aramco was defined by a stable oil supply and the possibility to carry out joint development projects, eg in the fields of refineries and petrochemicals, which no other company offered. For example, you can read about the experience and scope of Global Oil’s activities on its website. All these experiences were evaluated by advisors. According to available information, Global Oil acts as an intermediary in the sale of fuels. during the war in Iraq. For example, the source of supply was Saudi Arabia, a reliable global contractor, which denies the author of the material as a reliable partner, as seen only for PKN ORLEN.
It is no sensation or journalistic discovery that some of the Hungarian stations purchased by PKN ORLEN from MOL previously operated under the Lukoil brand.
The company itself informed about this on May 27, 2022, e.g. in the official press release.
It is not true that ORLEN bought Hungarian stations operating under the Lukoil brand from the Russians. PKN ORLEN purchased stations in Hungary – both those operating under the MOL and Lukoil brands – from MOL. We strongly reject any attempts to associate ORLEN with Imre Fazakas and Lev Tolkaczew, the previous owners of Normbenz, which operated the Lukoil stations in Hungary and was purchased by MOL. PKN ORLEN had and does not have any relationship with the previous (before MOL) owners of Normbenz, of which the author of the program “Czarno na Białym” was aware.
The valuation and sale of LOTOS’ assets took place at market conditions. This also applies to logistics assets. The valuations presented in the black and white material have little to do with the true market value of these assets. Please note that the valuations have been prepared by independent external advisors. The entire process was carried out in accordance with the law and the European Commission has approved the transaction.
It is not true that the shareholders of LOTOS lost the merger with PKN ORLEN. For their shares, the LOTOS shareholders received PKN ORLEN shares at a specific exchange ratio, which was accepted by the shareholders of both companies. Not only the Ministry of Finance, but also private investors and funds voted in favor of the merger and the presented vision of the company. The process was accepted by almost 100 percent. shareholders present at general meetings of both companies. The voting results suggest that if shareholders lost, they would not have voted for this transaction. The market was also unequivocally in favor of the merger process with Grupa LOTOS, but also with PGNiG. In connection with the closing, the agency Fitch Ratings upgraded the long-term rating of the company to “BBB+” with a stable outlook. Moody’s Investors Service has awarded the highest rating in PKN ORLEN’s history at the A3 level.
Due to some inaccurate information about PKN ORLEN in the TVN24 materials, which undermine PKN ORLEN’s credibility, the company will take appropriate legal action to protect its image and reputation
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Source: wPolityce
Emma Matthew is a political analyst for “Social Bites”. With a keen understanding of the inner workings of government and a passion for politics, she provides insightful and informative coverage of the latest political developments.