Saudi Aramco acquired equity stakes of 30 per cent in Pkn Orlen's 210,000 barrels-per-day refinery in Gdansk and a 100 per cent stake in its associated wholesale business. Reuters
Saudi Aramco acquired equity stakes of 30 per cent in Pkn Orlen's 210,000 barrels-per-day refinery in Gdansk and a 100 per cent stake in its associated wholesale business. Reuters
Saudi Aramco acquired equity stakes of 30 per cent in Pkn Orlen's 210,000 barrels-per-day refinery in Gdansk and a 100 per cent stake in its associated wholesale business. Reuters
Saudi Aramco acquired equity stakes of 30 per cent in Pkn Orlen's 210,000 barrels-per-day refinery in Gdansk and a 100 per cent stake in its associated wholesale business. Reuters

Saudi Aramco completes new oil deals with Poland’s PKN Orlen


Fareed Rahman
  • English
  • Arabic

Saudi Aramco, the world’s largest oil-exporting company, has completed three transactions with Polish refiner and fuel retailer PKN Orlen as the company continues to focus on expanding its operations globally.

As part of the transactions, first announced in January, Aramco acquired a 30 per cent stake in Pkn Orlen’s 210,000 barrels-per-day refinery in Gdansk, as well as a 100 per cent stake in its associated wholesale business, the company said on Wednesday.

It also bought a 50 per cent stake in a plane fuel marketing joint venture with BP Europa, which operates in seven airports in Poland.

Aramco completed the deals through its subsidiary Aramco Overseas Company based in the Netherlands.

“These investments are part of our efforts towards cementing Aramco’s presence in a key European market and provide a unique opportunity to develop new liquids to chemicals pathways, with hopes of expanding our global downstream footprint and supporting the diversification of our portfolio,” said Mohammed Al Qahtani, Aramco senior vice president of downstream.

Aramco is continuing to expand its operations and partnerships globally to boost growth.

In August, the company said it would acquire Kentucky-based motor oil maker Valvoline's lubricants business for $2.65 billion.

The deal, subject to customary closing conditions and regulatory approval, is expected to close in this year or early next year.

It also signed a preliminary agreement with China's Petroleum and Chemical Corporation, better known as Sinopec, to boost collaboration in oil and gas projects in the kingdom.

Aramco will also supply about 45 per cent of PKN Orlen’s crude requirements as part of a new agreement signed with the Polish company, it said.

In addition to the investment, Aramco, Sabic and PKN Orlen have signed a joint development agreement to assess the technical and economic feasibility of a potential petrochemical project in Gdansk.

“These transactions are of strategic importance in further strengthening energy supplies, not only in Poland but for the entire region,” said Daniel Obajtek, president of the PKN Orlen.

West Indies v India - Third ODI

India 251-4 (50 overs)
Dhoni (78*), Rahane (72), Jadhav (40)
Cummins (2-56), Bishoo (1-38)
West Indies 158 (38.1 overs)
Mohammed (40), Powell (30), Hope (24)
Ashwin (3-28), Yadav (3-41), Pandya (2-32)

India won by 93 runs

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UAE currency: the story behind the money in your pockets
Key facilities
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  • Spaces for historical and cultural exploration
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  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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Send “thenational” to the following numbers or call the hotline on: 0502955999
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The BIO

Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.

Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.

Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.

Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
AndhaDhun

Director: Sriram Raghavan

Producer: Matchbox Pictures, Viacom18

Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan

Rating: 3.5/5

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

While you're here

TO ALL THE BOYS: ALWAYS AND FOREVER

Directed by: Michael Fimognari

Starring: Lana Condor and Noah Centineo

Two stars

BORDERLANDS

Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis

Director: Eli Roth

Rating: 0/5

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Multitasking pays off for money goals

Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.

That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.

"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.

Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."

People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.

"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."

Updated: November 30, 2022, 1:44 PM`