Polish PM takes over supervision of PKN Orlen and Lotos

Polish PM takes over supervision of PKN Orlen and Lotos
By bne IntelliNews June 6, 2018

Poland’s Prime Minister Mateusz Morawiecki has taken over supervision of two state-controlled oil and gas companies, PKN Orlen and Lotos, the energy ministry said on June 5.

Stripping the Energy Minister Krzysztof Tchorzewski of supervising the pair of strategic companies is a reflection of differences between him and Morawiecki over details of the upcoming takeover of Lotos by Orlen, Polish media speculate.

Orlen signed a letter of intent in late February to take over at least a 53% stake in Lotos. The deal aims to create a strong company of international importance that – possibly – also would be capable of taking part in Poland’s plans to build a nuclear power plant.

Orlen’s role in the nuclear project is also speculated to be a flashpoint between Tchorzewski and Morawiecki.

The Polish state currently controls PKN Orlen via a 27.5% stake while most of the remaining shares are held via the free float. The state’s stake in Lotos is 53.2%.

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