Aramco closes three historic deals

Aramco announces the completion of three landmark transactions with Polish refiner and fuel distributor PKN ORLEN.

Partagez:

Aramco announces the completion of three landmark transactions with Polish refiner and fuel distributor PKN ORLEN.

Three transactions

Aramco, through its subsidiary Aramco Overseas Company BV, based in the Netherlands, is closing these three transactions. These involve refining, trading and jet fuel activities. The company acquires a 30% stake in a refinery in Gdansk, Poland.

The refinery produces 210,000 barrels per day. The company also acquires 100% in an associated wholesale business. Finally, the company has a 50% stake in a joint venture with BP Europa SE to market jet fuels.

Thus, this agreement represents an important step in Aramco’s long-term strategy. The company is looking to expand its refining and petrochemical capacity. In addition, it wants to expand its product portfolio across the entire hydrocarbon value chain.

Projects under study

The transactions also aim to establish a solid foundation for further business development. Aramco is looking to expand its chemical liquids production capacity. The company aims to reach 4 million barrels per day.

Mohammed Y. Al Qahtani, Aramco’s senior vice president downstream, says:

“These investments are part of our efforts to consolidate Aramco’s presence in a key European market and provide a unique opportunity to develop new pathways between liquids and chemicals, with the hope of expanding our global downstream footprint and supporting our portfolio diversification. At the same time, we aspire to further develop our product portfolio through our ongoing downstream transformation strategy.”

For PKN ORLEN, these transactions will strengthen the energy supply of Poland. In addition, it will create new growth opportunities.

The two partners also enter into a crude oil sales agreement. Under the agreement, Aramco will supply approximately 45% of PKN ORLEN’s crude oil needs. In addition, the two companies signed an agreement to evaluate the technical and economic feasibility of a petrochemical project in Gdansk.

  • Populaires ​
China and the United States improve their energy performance in an unstable global context
Prax Group files for insolvency in the UK after losses at Lindsey refinery
Renewable energy: access improving, but financing still insufficient for Africa
Enbridge Gas Ohio challenges tariff ruling cutting its revenues by $30mn
The Indonesian-Chinese lithium-ion battery plant will open with 6.9 GWh in 2026
Dalinar Energy wins recommendation to acquire Citgo with $7.38bn bid
Dalinar Energy, a subsidiary of Gold Reserve, receives official recommendation from a US court to acquire PDV Holdings, the parent company of refiner Citgo Petroleum, with a $7.38bn bid, despite a higher competing offer from Vitol.
Global Oil Exploration Investments Decline, a First Since 2020
Oil companies may reduce their exploration and production budgets in 2025, driven by geopolitical tensions and financial caution, according to a new report by U.S. banking group JP Morgan.
US oil inventories unexpectedly rise by 3.8 million barrels
Commercial oil inventories in the United States rose unexpectedly last week, mainly driven by a sharp decline in exports and a significant increase in imports, according to the US Energy Information Administration.
TotalEnergies acquires 25% stake in Block 53 in Suriname and strengthens its offshore presence
TotalEnergies acquires a 25% stake in Block 53 offshore Suriname, joining APA and Petronas after an agreement with Moeve, thereby consolidating its expansion strategy in the region.
Orlen ends Russian oil purchases for Czech refinery after contract expiry
Orlen announces the definitive halt of its Russian oil purchases for the Czech Republic, marking the end of deliveries by Rosneft following the contract expiry, amid evolving logistics and diversification of regional supply sources.
Adura becomes the leading independent oil and gas producer in the North Sea
Equinor and Shell launch Adura, a new joint venture consolidating their main offshore assets in the United Kingdom, aiming to secure energy supply with an expected production of over 140,000 barrels of oil equivalent per day.
Equinor discovers up to 15 mn barrels of oil at Johan Castberg in the Barents Sea
Equinor announces a new oil discovery estimated at between 9 and 15 mn barrels at the Johan Castberg field in the Barents Sea, strengthening the reserve potential in Norway's northern region.
Sierra Leone launches extensive offshore oil exploration with 60 potential blocks
Sierra Leone relaunches an ambitious offshore exploration campaign, using a 3D seismic survey to evaluate up to 60 potential oil blocks before opening a new licensing round as early as next October.
Zambia restructures petroleum logistics to stabilise energy supply
Faced with recurrent shortages, Zambia is reorganising its fuel supply chain, notably issuing licences for operating new tanker trucks and service stations to enhance national energy security and reduce external dependence.
Grangemouth Closure: UK Oil Stocks at Highest Level in Three Years
The closure of the Grangemouth refinery has triggered a record increase in UK oil inventories, highlighting growing dependence on imports and an expanding deficit in domestic refining capacity.
Mexco Energy reports 27% increase in annual profit
Mexco Energy Corporation reports an annual net profit of $1.71mn, up 27%, driven by increased hydrocarbon production despite persistently weak natural gas prices in the Permian Basin.
S&P downgrades Ecopetrol to BB, Moody’s maintains Ba1 rating
S&P Global Ratings lowers Ecopetrol's global rating to BB following Colombia's sovereign downgrade, while Moody’s Investors Service confirms the group's Ba1 rating with a stable outlook.
Shell officially rules out any takeover offer for rival BP
Shell group publicly clarifies it is neither considering discussions nor approaches for a potential takeover of its British rival BP, putting an end to recent media speculation about a possible merger between the two oil giants.
Chinese independent refiners poised to increase fuel oil imports
The anticipated increase in the tax deduction rate may encourage independent refineries in Shandong to restart fuel oil imports, compensating for limited crude oil import quotas.
Petro-Victory launches fully-funded drilling campaign in Brazil
Petro-Victory Energy Corp. starts drilling of the AND-5 well in the Potiguar Basin, Brazil, as the first phase of an operation financed through its strategic partnership with Azevedo & Travassos Energia.
Port of Corpus Christi expands capacity for large oil tankers
The Texan Port of Corpus Christi has completed major widening and deepening work designed to accommodate more supertankers, thus strengthening its strategic position in the US market for crude oil and liquefied natural gas exports.
BP Prudhoe Bay Royalty Trust puts Prudhoe Bay royalty up for sale
BP Prudhoe Bay Royalty Trust is offering its interest in Prudhoe Bay, North America’s largest oil field, as part of its planned dissolution, assisted by RedOaks Energy Advisors for this strategic asset transaction.
CNOOC partners with KazMunayGas to explore the Zhylyoi subsoil area
CNOOC Limited’s Hong Kong subsidiary and KazMunayGas have concluded a nine-year exploration and production contract covering nine hundred and fifty-eight square kilometres in Kazakhstan, sharing investment and operations equally.
Trump authorizes China to buy Iranian oil, shaking global oil markets
Donald Trump announced that the United States will no longer oppose Chinese purchases of Iranian oil, immediately triggering a drop in global crude oil prices and profoundly reshaping international energy trade partnerships.
Canadian oil sands production poised to reach record high
Research firm S&P Global Commodity Insights lifts its outlook for the fourth straight year, betting on three point five mn barrels per day from 2025 despite lower prices.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS