Jacek Krawiec, PKN Orlen CEO, had yesterday surprised the market when he said he wanted to consolidate with fuel, gas and energy companies. He enumerated Grupa Lotos, PGNiG, PGE, Energa and Tauron as possible partners. They don’t say ‘no’.
“I have always believed that every logical business idea should be considered. There is a need to consolidate assets because Polish fuel companies are too small and we could easily become subject of a takeover. And we don’t want this. Before any consolidation, however, a thorough analysis of aftermaths of the synergy should be made”, Pawel Olechnowicz, Grupa Lotos CEO said.
Some analysts, however, point out that there have already been similar attempts in the past. The same concerns a potential merger with PGNiG gas monopoly.
“We are open to cooperate in exploration. Because of our vast experience in this field, we would like to be the main company in cooperation”, Slawomir Hinc, PGNiG deputy CEO stressed.
The consolidation with energy companies is a total novelty. Representatives of Energa, Tauron and PGE say they are ready to cooperate.
“It’s hard to comment on PKN Orlen’s plans because we don’t know details. But we are open to a joint project and we will eagerly start talks on this subject”, Beata Ostrowska, Energa spokeswoman said.
“We are not in talks with PKN Orlen yet but we will consider all possible solutions favourable for PGE”, Tomasz Zadroga, PGE CEO said.
“We face big investments which will be partly financed from funds raised in
the IPO and partly by our partners. We are already in talks with Polish and
foreign partners, we may cooperate with PKN Orlen”, Dariusz Lubera, Tauron
Polska Energia CEO added.