ORLEN Halts Misguided Olefins III Project

The ORLEN Management Board has decided to halt the Olefins III project after determining that the actual implementation costs would have exceeded the initial estimates by sixfold. This decision is expected to save the company approximately PLN 15 billion. The funds will be redirected towards projects that sustainably enhance the competitiveness of both the company and the Polish economy. Irregularities related to the capital investment process have been reported to the prosecutor’s office. Additionally, ORLEN is considering pursuing a compensatory claim against former management board members, enabled by a recently adopted resolution of the General Meeting.

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ORLEN ramps up its exploration activity on the Norwegian Continental Shelf

A total of 6 exploration and appraisal wells were completed by ORLEN Upstream Norway in 2024, 4 more than the previous year. As a result, the company discovered or confirmed oil, gas and condensate reserves estimated at 66-129 million boe, including 11.0-22.3 million boe net to ORLEN. One of the highlights of the company’s exploration activity in 2024 is Cerisa, the third largest discovery on the Norwegian Continental Shelf this year.

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ORLEN Joins Forces with the Great Orchestra of Christmas Charity!

ORLEN is excited to participate in the upcoming Finale of Poland’s Great Orchestra of Christmas Charity (PL. Wielka Orkiestra Świątecznej Pomocy – WOŚP) and support the organisation’s fundraising efforts to enhance diagnostic capabilities in paediatric oncology and haematology wards. ORLEN is committed to prioritizing children’s health and will provide regular updates on its activities in partnership with WOŚP.

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Increasing domestic natural gas production – ORLEN enhances extraction capacity

ORLEN has successfully completed the construction of a natural gas compressor station at the Kościan-Brońsko Natural Gas Production Site in the Province of Poznań. The launch of the compressor unit will increase total output from existing deposits by approximately 10 billion cubic metres, thus extending the field’s lifespan by more than a decade.

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ORLEN’s hydrogen projects receive recognition

Three flagship hydrogen projects by ORLEN have been honoured by the Ministry of Climate and Environment, receiving recognition at the annual Conference of the Parties to the Sectoral Agreement on Hydrogen Economy Development in Poland.

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ORLEN Rejoins the UN Global Compact

After several years away, ORLEN has rejoined the UN Global Compact, the world’s largest initiative uniting businesses committed to sustainable development under the auspices of the United Nations.

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Polish presidency in the EU: a chance for a sustainable energy transition

The evolving landscape of decarbonization and energy security, with its profound regional and global implications, business operations in Poland. ORLEN is eager to engage in discussions about energy transition and the EU regulations required to facilitate it. The company has prepared a position paper highlighting the key challenges: preserving the competitiveness of the EU market, championing technological neutrality, ensuring access to decarbonization financing, and shifting away from overly prescriptive regulatory approaches.

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ORLEN joins the OGDC

ORLEN has signed the Oil & Gas Decarbonization Charter (OGDC), a global initiative focused on accelerating the decarbonization of the oil and gas sector through enhanced industry collaboration and knowledge-sharing. By joining the OGDC, the ORLEN Group has committed to actively supporting its objectives, which include achieving climate neutrality in Scope 1 and 2 emissions by 2050, reducing methane emissions (eliminating venting), phasing out routine flaring by 2030, and making significant investments in the energy transition. The announcement of partnership, which took place during the ongoing international climate summit COP29 in Baku, was attended by the head of the OGDC steering committee and SOCAR vice-president Afgan Isayev.

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ORLEN Group’s Q3 2024 performance on a par y/y despite significantly deteriorated macroeconomic climate

For the third quarter of 2024, the ORLEN Group has posted robust operating performance, with adjusted LIFO-based EBITDA at PLN 8.1 billion amid increased macroeconomic headwinds, including a 65% y/y decline in refining margin. The LIFO-based EBITDA adjusted for one-offs and regulatory impacts was on a par with last year’s level (of PLN 8.6 billion). However, the Group did recognise further impairment losses on its non-current assets, totalling about PLN 3.5 billion, due mainly to former management’s poor investment decisions. In the nine months to 30 September 2024, the Group allocated PLN 22.1 billion to investments supporting asset upgrades, the energy transition and bolstering Poland’s energy security.

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