The Polish oil refining, energy and petrochemical company PKN Orlen signed a 180 million euros loan agreement with the European Investment Bank (EIB) to finance its activities in bio-refinery, biochemical production and research and development (R&D). The funds are meant to help the company on its path to energy transformation and emissions reduction.
“Energy transformation is one of the biggest challenges facing Poland today and energy groups can make a difference in this transition. The European Investment Bank is therefore glad to support PKN Orlen in its shift from fossil fuels to renewable solutions and to help the company in its decarbonisation strategy”, noted Teresa Czerwińska, Vice-President of EIB.
“I am also pleased that the EU bank can finance the company’s research and development centre: investing in skills and technologies will help PKN Orlen to strengthen long-term sustainability, expertise and competitiveness”, added Ms Czerwińska.
The recently opened R&D Centre in Plock, in Central Poland, redefines all activities in the development of renewable chemical and biofuels technologies. It plans to develop new technological solutions to support the company’s long-term decarbonisation plan Orlen2030 which aims at reaching net zero emissions by 2050.