Morawiecki: I hope that the merger of Orlen with Lotos will not be canceled

Luc Williams

On Tuesday, the former prime minister was asked by journalists about the Supreme Audit Office’s report on the merger of Orlen with Lotos. He indicated that he knew that appropriate valuations had been made. “I know that there were so-called conditions on the part of the European Commission, which forced Orlen to sell exactly this part of its property to someone else. So it was not Orlen’s will, it was an instruction from the EC. I know that there were special companies that valued , auditing valuations that belong to the so-called big four, i.e. the most reputable companies,” he said.

“Therefore, I think that this is a row deliberately incited by our political opponents; it is a storm in a teacup,” he said.

Referring to the Supreme Audit Office, Morawiecki said that “it is an institution that – as we heard a few months ago – is at the mercy of the then opposition and today the ruling coalition.” “An institution that has lost the values ​​of an independent public institution,” he added.

“I have no doubt that this was a transaction carried out properly,” he noted.

To the comment that the Supreme Audit Office’s report shows that the value of the transaction was underestimated, the former Prime Minister replied: “The report is extremely, extremely biased.”

“Do independent auditors specializing in such transactions, capital and financial market specialists have more knowledge in this area, or do officials working at the Supreme Audit Office” – he asked.

According to the Supreme Audit Office, PKN Orlen, in connection with the implementation of remedial measures during the merger with Lotos, sold assets to private entities that were at least PLN 5 billion below their value estimated by the Supreme Audit Office – according to the Supreme Audit Office’s report published on Monday.

To the comment that the audit companies stated in their reports that they did not receive the necessary documents for the audit to be carried out properly and for it to be a full assessment of the transaction, Morawiecki replied that the companies “could obtain all the information that was needed because they had direct access to this information , after signing appropriate agreements with Orlen.

Morawiecki was also asked whether he was afraid of reversing the merger of Orlen with Lotos. The politician pointed out that this merger made great sense, as there would be more money for research and development, for further connections and for lower fuel prices. “This merger makes great business sense for shareholders, so I hope it will not be undone,” he said.

In 2022, the District Court for Łódź-Śródmieście in Łódź, 20th Commercial Division of the National Court Register, registered the merger of PKN Orlen with Grupa Lotos.

Earlier, in January 2022, in accordance with EC requirements, Orlen presented remedial measures planned in connection with the takeover of Grupa Lotos. Among others it was reported that the Hungarian MOL would take over 417 gas stations of the Lotos Group network in Poland, and Orlen would buy from MOL 144 gas stations in Hungary and 41 gas stations in Slovakia. The fuel and asphalt logistics area within the Lotos Terminale company will be purchased by Unimot. Lotos Biopaliwa will be purchased by Rossi Biofuel.

Author: Rafał Białkowski


Luc's expertise lies in assisting students from a myriad of disciplines to refine and enhance their thesis work with clarity and impact. His methodical approach and the knack for simplifying complex information make him an invaluable ally for any thesis writer.