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 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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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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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.

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ORLEN and bp sign oil supply contract

ORLEN has signed a contract with bp for the supply of 6 million tonnes of crude oil from Norwegian fields in the North Sea over twelve months. This will cover about 15 per cent of the annual demand of the entire ORLEN Group for this feedstock.

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Changes on ORLEN Management Board

On 10 April 2024, the Supervisory Board of ORLEN S.A. appointed Mr Ireneusz Fąfara to serve as President of the Management Board of ORLEN S.A., effective 11 April 2024.

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