Polish energy company Orlen completes merger with PGNiG

The Polish energy concern Orlen has completed its merger with PGNiG, said head of Orlen, Daniel Obajtek, Report informs citing TASS.

"We have teamed up with PGNiG. By doing so, we are completing an acquisition process that puts us among the 150 largest companies in the world. We have created the potential for multi-billion dollar investments that strengthen the energy security and independence of Central Europe," Obajtek tweeted.

The merger was registered in the national court register. The new company was named Orlen.

As Obajtek pointed out at a press conference, Orlen will allocate more than 15 billion zlotys (almost $3 billion) for investments this year, and plans to allocate more than 24 billion zlotys (almost $5 billion) for these purposes next year.

He added that Orlen is "one of the first concerns that defended itself best in terms of oil supplies," given the situation around Ukraine and the limitation of energy supplies from Russia. "We have diversified 70% of the oil in our system," he said. "We provide fuel security not only for Poland, but for our entire region of Europe."