ORLEN consolidates LPG businesses

PKN ORLEN consolidates its LPG businesses

Polski Koncern Naftowy ORLEN S.A. (PKN ORLEN), Central Europe’s largest downstream oil company, announces today that on February 1st, 2001, it successfully completed the consolidation process of the three LPG distribution companies in which it held a 100% stake.

Petrogaz Redaki Sp. z o.o, Petrogaz Hrubieszow Sp. z o.o, Petrogaz Jaworzno Sp. z o.o, have been incorporated into ORLEN Petrogaz Plock Sp. z o.o. (“ORLEN Petrogaz Plock”.)

As a result the initial capital of ORLEN Petrogaz Plock has been increased from PLN 2,000,000 to PLN 13,891,000. PKN ORLEN also owns significant stakes in four other LPG companies in Poland. This move has been made to reduce internal competition and strengthen the market position of ORLEN Petrogaz.