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.

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.

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.

ORLEN Group secures EUR 2 billion credit facility

ORLEN has entered into a EUR 2 billion credit facility agreement with a syndicate of 16 banks, ensuring the Group has access to financing for its ongoing business requirements. This revolving credit facility replaces the previous agreement and will be utilised to support the Group’s day-to-day trading and operating needs.