Orlen

Orlen S.A. (formerly Polish: Polski Koncern Naftowy Orlen Spółka Akcyjna, PKN Orlen SA., lit. 'Polish Oil Concern Orlen Public Corporation'), commonly known as Orlen, is a Polish multinational oil refiner, petrol retailer and natural gas trader headquartered in Płock, Poland. The company's subsidiaries include the main oil and gas companies of the Czech Republic and Lithuania, Unipetrol and Orlen Lietuva, respectively.
The corporation is a significant European publicly traded firm with operations in Poland as well as Austria, Canada, Czech Republic, Germany, Hungary, Latvia, Lithuania, Norway, Pakistan, and Slovakia. As of April 2025, the largest shareholder of the company is the Polish state (via the State Treasury) with 49.9% of the shares, ahead of Nationale-Nederlanden OFE with 5.2% of the shares.
The company is listed on the Warsaw Stock Exchange and, as of 2023, its reported revenue constituted over PLN 373 billion (ca. US$90 billion). It employs over 64,000 people, owns more than 3,400 service stations in seven countries and markets its products to over 100 countries worldwide.
Orlen is the largest company in Central and Eastern Europe and is listed in global rankings such as Fortune Global 500, Platts TOP250 and Thomson Reuters TOP100.
PKN Orlen was created in 1999 after the Council of Ministers of Poland in the previous year decided to partially privatise and merge two state-run petrochemical firms: Centrala Produktów Naftowych, Communist Poland's petroleum retail monopoly, and Petrochemia Płock, the state firm in charge of the oil refineries in Płock, the largest complex of its kind in Poland. After said merger, the company was renamed Polski Koncern Naftowy (PKN), with Orlen added several months later as the consortium's brand name. The new name is derived from Orl- for "orzeł" (Polish: eagle) and its adjective "orli", and -en for "energia" (Polish: energy).
Orlengate is the biggest corruption scandal in the modern political history of Poland. The scandal was unearthed with the arrest on 7 February 2002 by the UOP (Office for State Protection) of Andrzej Modrzejewski, then CEO of PKN Orlen. He was accused of insider trading and disclosure of confidential information. Zbigniew Wrobel directly succeeded as CEO and proposed in December 2002 $160 million for the purchase of 295 German gas stations from the British BP PLC. It was the first step in Wrobel's strategy of expanding west. At this time PKN Orlen was Poland's largest company, with sales of $7.2 billion.
After losses in 2000 and 2001 the fund returned 25% in 2002. Until July 2003, it grew by nearly one-third since March and in total the fund was up by about 60% since the start of 1994.
In 2003, PKN Orlen acquired 500 filling stations in Northern Germany from BP under premise of a competition law when BP took over Aral AG. As of 2007 Orlen has 581 filling stations in Germany (484 under the Star brand, 58 under the Orlen brand and 29 under a supermarket brand).
In January 2003, PKN Orlen and MOL signed a Memorandum of Understanding whereby they agreed intention to initiate co-operation in the Central and Eastern European oil sector. They hoped that the collaboration would allow them both to benefit from the synergies and to compete more effectively in the global competition. In July 2003, the Croatian INA refinery was sold for $505 million to PKN Orlen's competitor, the Hungarian oil company MOL. This strengthen MOL's position in the battle for control of Central Europeans and Balkan fuel markets.
Furthermore, PKN Orlen was involved in merger talks with the MOL Group in 2005. If merged, the two firms would have created a regional giant, and controlled much of Central Europe's oil industry. However, the planned merger failed due to high politicization. Following the dropped merger plans, PKN Orlen bought a majority stake in Czech Unipetrol. During May 2006, the company announced its largest investment ever when it took over a majority share of 84.3% of the largest company of Lithuania, Mažeikių Nafta. It was partly bought from Yukos (53.7%) and partly from the Lithuanian government (30.6%) in December. Earlier on 12 October a fire damaged the Mažeikių refinery, which caused a loss about $75 million. With the completion of the takeover, PKN Orlen became Central Europe's largest company.
In May 2007, after Lithuania sold its refinery to PKN Orlen, the Russian government approved the construction of a new $2 billion pipeline, that passes Belarus and Lithuania.
In 2007, the unit of Polish oil group PKN Orlen PKNA.WA and Dwory Chemicals bought a synthetic rubber company Kaucuk from Czech oil group Unipetrol UNPEsp.PR. The sale was part of a drive by Unipetrol to divest non-core assets and to focus on petrochemical, oil refinery and fuel retailing business.
In 2010, PKN Orlen had a reported revenue of $28.8 billion. Next year it was the largest fuel retailer in Poland with over 2000 locations. The company ran the most advanced and the second largest complex for terephthalic acid production in Europe. PKN Orlen also sponsors the Orlen Arena in Płock since its opening in 2010.
In 2013, PKN Orlen and Klaipedos Nafta oil terminal negotiated the co-operation on a new pipeline supported by the Lithuanian government. In order to establish the company in Canada and to become an oil producer Orlen bought the oil and gas company TriOil Resources Ltd for $169 million in September 2013. After its first foreign expansion the company acquired Birchill Exploration Ltd due to double its production in May 2014.
PKN Orlen, under a joint venture with the Dutch-American firm LyondellBasell, also owns Poland's largest plastics company called Basell Orlen Polyolefins Sp. z o.o.
In 2019, PKN Orlen opened its first petrol station in Slovakia through its Czech subsidiary Unipetrol under the Benzina brand. At the end of 2020, 20 Orlen stations were operating in Slovakia.
At the end of 2019, PKN Orlen and PZU established the "Sigma Bis" media agency.
PKN Orlen has been implementing a development strategy since 2018, which involves transforming the company into a multi-energy and commercial group. In April 2020, Orlen acquired 80% of Energa shares, and on 14 July 2020 announced that it obtained permission the European Commission's for the takeover of Grupa Lotos, first announced in 2018. On 1 August 2022, Orlen finalised the merger with Lotos.
In November 2020, PKN Orlen purchased 65% of the shares of the financially troubled newsagents chain Ruch SA. On 7 December 2020 Orlen signed an agreement to acquire 100% of shares in the media and press company "Polska Press sp. z o.o." and the transaction was carried out on 1 March 2021. This decision was met with criticism from Polish Ombudsman, Adam Bodnar, who expressed his concern about the risk to freedom of speech that this takeover poses as PKN Orlen is a state-owned company and the constitutional right to press freedom excludes the possibility of political influence on the press, even an indirect one.
In December 2020, PKN Orlen bought an agricultural biogas plant Bioenergy Project, which it will transform into a biomethane plant. To secure supplies, the company Biozec, responsible for the sale and distribution of thermal energy supplied by the biogas plant, was also acquired. In 2021, Orlen bought 4 wind farms: in February, the Kanin farm with a capacity of 20 MW, and in March, another three with a total capacity of 89.4 MW.
On 14 July 2020, PKN Orlen announced its intention to take over PGNiG, and on 10 May 2021, it submitted a takeover application to the Office of Competition and Consumer Protection. In October 2022, shareholders of PGNiG approved the company's takeover by PKN Orlen, this came after PKN Orlen Shareholders had done the same.
In 2020, the company announced its plans to become emission-neutral by 2050 becoming the first oil company from Central Europe to do so. In order to achieve this goal, by 2030, Orlen aims to reduce CO2 emissions from its current refining and petrochemical assets by 20% and emissions from power generation by 33% CO2/MWh.
In June 2021, PKN Orlen opened its first Orlen w ruchu standalone convenience store in Warsaw, competing in this segment with Carrefour Express, Circle K and Żabka. In September 2021, the company entered the parcel locker sector with the launch of Orlen Paczka in co-operation with Poczta Polska.
In December 2022, PKN Orlen entered the Hungarian market with the takeover of 143 petrol stations from Hungary's MOL in a deal related to the acquisition of 410 petrol stations in Poland by MOL under an agreement between Orlen and Grupa Lotos. The sale was the result of the European Commission requiring PKN Orlen to divest its assets in order to approve the company's acquisition of Grupa Lotos in accordance with EU competition law.
In March 2023, PKN Orlen began to sponsor the Stadion im. Kazimierza Górskiego, located opposite the Orlen Arena in Płock. In the same month, Ukrainian oil company Ukrnafta signed a contract with PKN Orlen to allow the latter to export petrochemical products to Ukraine.
On 3 July 2023, the company renamed PKN Orlen to Orlen S.A. to reflect its diversification from fossil fuels. In September 2023, the European Commission approved the takeover by Orlen Group of the consumer retail division of the Austrian oil trading company Doppler-Gruppe [de], which operates 266 filling stations in Austria under the Turmöl [de] discount brand.
In August 2023, the company's supervisory board conditionally approved an investment in an off-shore wind farm located on the Baltic Sea. The joint project between Orlen and Northland Power is aimed at achieving the company's goal of generating 9 GW of renewable energy capacity by 2030. The Baltic Power farm, located about 23 km off the coast, will consist of 76 wind turbines with a capacity of 15 MW each, providing energy to over 1.5 million households upon completion in 2026.
In December 2023, the Polish government approved the construction of 24 new small modular reactor (SMR) units in six sites across the country. Orlen Synthos Green Energy (OSGE), a joint venture between Orlen and chemicals company Synthos, plans to deploy Poland's first small reactors by 2030.
Orlen will pay a dividend for 2023 in the amount of PLN 4.15 per share. The total value of the dividend is PLN 4,817,909.5 thousand. The dividend yield is 6.82%. The last listing with dividend rights took place on September 18, 2024, and the dividend payment date was set for December 20, 2024
PKN Orlen has sponsored the Polish Athletic Association, the Polish Volleyball Association, the Polish Olympic and Paralympic Committees, and various Polish motorsport competitors such as Bartosz Zmarzlik, Jakub Przygoński, Bartek Marszałek, Grupa Żelazny and Wojtek Bógdał.
In 2019, PKN Orlen sponsored Williams Racing and driver Robert Kubica in Formula One with €10 million. After Kubica's move to Alfa Romeo Racing in a reserve driver role in 2020, the Polish petrol retailer became the co-title sponsor of the team as Alfa Romeo Racing Orlen in 2020 and 2021 and as Alfa Romeo F1 Team Orlen in 2022. In January 2023, PKN Orlen signed a multi-year agreement with Scuderia AlphaTauri as a principal partner. Orlen's logo would continue to appear on the team's cars as they were renamed to RB in 2024. In November 2023, the company became an official sponsor of the ski jumping hill in Oberstdorf, Germany, presently known as ORLEN Arena Oberstdorf.
In early 2025, PKN Orlen announced a loss of approximately $378 million due to prepayments for Venezuelan oil that was never delivered.
The deal was reportedly facilitated by Venezuelan oil trader Antonio Luis González Morales through his Dubai-based company, Hannon International Middle East DMCC. In December 2023, Orlen’s Swiss subsidiary transferred significant sums to Hannon and another intermediary, Horizon Global, with payments totaling $230 million and $100 million, respectively. However, Venezuela’s state oil company, PDVSA, never received the funds, and the oil was not delivered, resulting in substantial financial losses for Orlen.
The former CEO of OTS, identified as Samer A., is suspected of authorizing the fraudulent transaction without proper oversight. He was arrested in the United Arab Emirates in early 2025 and may be extradited to Poland to face charges related to corruption and mismanagement.
Orlen has so far managed to recover $100 million through a settlement, but investigations are ongoing to trace the remaining funds and determine the full extent of involvement of all parties.