Polish oil group PKN Orlen seeks opportunities to expand in Romania

Polish oil refiner and fuel retailer PKN Orlen said it is analyzing attractive development directions, including a possible expansion in Romania.

PKN Orlen officials met with the Romanian Government representatives to identify potential business opportunities on the local market, the group said in a press release on Thursday.

"The difficult environment in which we are currently operating is not only a huge challenge but also an opportunity that can spur further development. We are a serious business partner for European players, which means we must remain open to potential opportunities for further strengthening of our business," PNK Orlen management board president Daniel Obajtek said, Profit.ro reported.

Poland's State Treasury is the largest shareholder of PKN Orlen, with a 27.5% stake. The group is listed on the Warsaw Stock Exchange and has a market capitalization of over EUR 10 bln. In 2019, PKN Orlen generated PLN 111 billion (EUR 24 bln) in revenues.

This summer, Poland unveiled plans to merge four of the country's largest energy groups, aiming to create a player capable of competing in the international oil, gas, and electricity markets.

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