Unipetrol, PKN ORLEN's subsidiary, has accepted an offer from ENI of Italy to purchase a 32.445% interest in Česká Rafinérská. The total value of the transaction is estimated at EUR 30m.

By exercising its pre-emptive right, Unipetrol will become the sole owner of Česká Rafinérská. The transaction closure is contingent on obtaining antitrust clearance for the transaction.

“Our intention to buy the equity interest in Česká Rafinérská is in line with our plan to strengthen the ORLEN Group's Czech assets. As the sole owner of the Czech subsidiary, we will be able to effectively and comprehensively manage our refining assets and consolidate Unipetrol's position,” commented Jacek Krawiec, PKN ORLEN CEO and Chairman of the Unipetrol Supervisory Board.

The transaction will ensure the availability and security of feedstock supplies for Unipetrol's petrochemical segment, contributing to its further growth. In line with its strategy, the company plans to consolidate its competitive position in the Czech Republic and the neighbouring markets by growing its petrochemical business and maintaining a strong position on the retail fuel market. In line with Unipetrol's strategic objectives, by 2017 the largest portion of capital expenditure will have been spent on petrochemical projects. Concurrently, in pursuit of its key development objectives, the company will continue to make efforts to optimise its operating activities.

The acquisition of Česká Rafinérská shares from ENI is another building block in the process of consolidating Unipetrol's position. In November 2013, an ORLEN Group company signed an agreement with Shell Overseas Investments B.V. to buy a 16.335% interest in Česká Rafinérská.