ORLEN Projekt, a special purpose vehicle of Polish energy company ORLEN Group, has signed a conditional agreement with Poland’s Industrial Development Agency for the purchase of a 74.11 per cent stake in Polish pipeline manufacturing company ENERGOP, specialising in installations for the refining, petrochemical and chemical sectors.
“Incorporating ENERGOP into the ORLEN Group will support our plans for the development of key areas of activity. By 2030, the company will spend approximately 170 billion zlotys [36.8 billion euros] on infrastructure projects related to refinery production, gas extraction and trade, and petrochemical production. In all these segments, pipeline infrastructure plays an important role. By joining the ORLEN Group, ENERGOP becomes part of a strong, dynamically developing concern, which guarantees the company and its employees a stable order portfolio and the opportunity to further strengthen their competencies,” said Daniel Obajtek, President of ORLEN’s Management Board.
As part of the agreement between ORLEN Projekt and the Industrial Development Agency signed on Monday (18 September) ORLEN will purchase the entire stake of 74.11 per cent of shares belonging to the Industrial Development Agency. The condition for the final implementation of the transaction is contingent on the consent from Poland’s Office of Competition and Consumer Protection.
The remaining shares belong to the State Treasury, under the Ministry of State Assets. “As a shareholder of ENERGOP, we are glad that the company has found a large and reliable investor, such as ORLEN Projekt. I am also glad that the ORLEN Group is investing in Sochaczew. This transaction is mutually beneficial. Joining the ORLEN Group is a chance for development for ENERGOP from Sochaczew and its employees, and for ORLEN it secures the implementation of important investments. I am convinced that today’s agreement will significantly increase the potential of ENERGOP, and combining the knowledge and skills of the qualified staff of both companies will bring many benefits, also from the point of view of the efficiency of the implementation of projects related to critical infrastructure. Using synergies between companies with State Treasury shareholding to strengthen the country’s raw material and energy security is one of our priorities,” said Maciej Małecki, Secretary of State at the Ministry of State Assets.
Following the acquisition, the ORLEN Group will create a comprehensive operational structure with an engineering and executive profile, specialised in the implementation of industrial investments, in which technologically advanced pipelines are an “important element,” the company said.
In addition to industrial pipelines, ENERGOP also produces steel structures, tanks and elements accompanying pipeline installations. Its offer includes both prefabrication and complete assembly of these installations.
ORLEN Projekt is responsible for implementing the Group’s selected investment projects including industrial infrastructure, said Marcin Kasza, President of ORLEN Projekt’s Management Board. “Many of these tasks are already performed directly or indirectly by ENERGOP. In 2022, as much as 80 per cent of the works carried out by this company were performed for the ORLEN Group. This is a company with great potential for development, which is why we decided to purchase a majority stake. For us, it is additional security for our investment projects,” he added.