ORLEN: EU funding secured for CO2 transshipment terminal

The marine terminal for the transshipment of carbon dioxide, a joint venture between ORLEN, Lafarge Cement S.A. and Air Liquide Poland, has received a European Commission grant for the preparation of project design documentation and supply chain feasibility studies. The construction of the terminal aligns with the Group’s strategic goals of reducing its own CO2 emissions and facilitating the provision of carbon management services to companies relying on CO2 capture and sequestration as the primary technology for emission reduction. Between 2027 and 2030, ORLEN aims to have the capacity to utilise or sequester 3 million tonnes of CO2 per year.

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New onshore wind farms in the Greater Poland Voivodeship

ORLEN Wind 3, owned by the ORLEN Group, has signed an agreement to acquire wind farms from UK-based Octopus Renewables Infrastructure Trust PLC. The transaction encompasses assets situated in the Provinces of Poznań and Szczecin, with a total capacity of approximately 60 MW, sufficient to supply electricity to more than 100,000 households. The ORLEN Group currently boasts close to 1 GW of installed capacity in renewable energy sources.

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ORLEN Group acquires stake in carbon dioxide storage project in Norway

PGNiG Upstream Norway of the ORLEN Group has signed an agreement with Horiosnt Energi AS to acquire a 50% interest in the CO2 exploration licence Polaris in the Barents Sea. The transaction marks a significant step in advancing the Group’s emerging business line focused on the management of industrial CO2 emissions. Polaris stands out as one of the most advanced carbon storage projects on the Norwegian Continental Shelf.

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ORLEN invests to increase energy efficiency of its Czech refinery

ORLEN Unipetrol, the ORLEN Group’s Czech subsidiary, is in the process of constructing a heat recovery unit at its production plant in Kralupy on the Vltava River. The aim of the project is to increase the energy efficiency of Kralupy refinery by flue gas waste heat utilization, which were previously released into the atmosphere. By using the recovery unit will be flue gas heat used for heating of turbine condensate and producing of boiler feed water using in various plant processes. Implementation of the recovery unit will lead to significant energy savings of 5 MW of the thermal energy per hour. Over the course of a year, the installation will enable the recovery of as much heat as would be sufficient to heat nearly 10,000 households. The innovative solution used in this project comes from idea of employee from ORLEN Unipetrol’s development department and have been developed by engineers from ORLEN Unipetrol. The project, valued at approximately CZK 0.5 billion (around PLN 100 million), aligns with the ORLEN Group’s commitment to achieving carbon neutrality by 2050.

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ORLEN commercialises innovative Multifuel technology

The testing phase for the 1MW prototype cogeneration set featuring the Multifuel system, which enables electricity and heat generation using hydrogen, natural gas or their mixtures, has been successfully completed. The prototype stands out on a global scale, employing a proprietary solution developed by ORLEN. The Multifuel system can be installed in generating units that are already in operation, allowing them to be gradually converted to run on hydrogen. Multifuel is set to expedite the adoption of alternative fuels in the power industry, contributing to the reduction of CO2 emissions in the sector. ORLEN has filed a patent application for its invention.

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ORLEN Group's strategic transaction in Norway

PGNiG Upstream Norway, a company of the ORLEN Group, is set to assume control of the entire operations of the hydrocarbon producer KUFPEC Norway. Following this transaction, the ORLEN Group's natural gas output in Norway will increase by one-third, reaching over 4 billion cubic meters (bcm) annually. Daily hydrocarbon production is anticipated to surpass 100 thousand barrels of oil equivalent (boe) by the end of 2024. The newly acquired business encompasses interests in five fields where the ORLEN Group is already active. The gas produced from these fields will be transported to Poland via the Baltic Pipe pipeline.

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ORLEN Ranked High among Europe’s 500 Largest Companies

In the prestigious Fortune 500 Europe ranking, ORLEN has secured the 44th spot, confirming the Company's strong position in the region. The list, prepared by the renowned US-based magazine Fortune, is based on 2022 revenue figures.

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ORLEN Group to increase oil and gas production from the Gina Krog field

Together with concession partners, PGNiG Upstream Norway from ORLEN Group has discovered additional gas reserves near the producing Gina Krog field. The discovered additional resources (gross) are estimated to 0.8-2.6 million cubic meters oil equivalents. By using the existing production infrastructure, it will be possible to start exploitation of the new resources later this year.

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Consolidated Q3 2023 results posted by the combined ORLEN Group

In the three months ended September 30th 2023, the ORLEN Group generated LIFO-based EBITDA of PLN 8.2bn and net profit of PLN 3.5bn. This means that on a year-to-date basis, for the first nine months of 2003, the Group’s operating profit reached PLN 34bn and net profit was more than PLN 17bn. In the third quarter of 2023, despite macroeconomic headwinds, the Refining segment contributed positively to the Group’s performance, posting LIFO-based EBITDA of PLN 1.9bn. The contribution from Petrochemicals was negative, which was due to lower demand for petrochemical products. In the Retail segment, ORLEN reported improved sales volumes in the third quarter. In the Polish market alone, they expanded by 9% year on year. The Group’s financial ratios were maintained at safe levels, with PLN 20.4bn allocated to capital expenditures during the nine months to September 30th.

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