Orlen CEO says Lotos acquisition to complete at turn of July/August

Tomasz Gzell/PAP

The takeover by PKN Orlen, the dominant Polish fuel firm, of its smaller rival, the Lotos Group, should be completed in late July or early August, and the takeover of gas company PGNiG in late September to early October, PKN Orlen's CEO has said.

Daniel Obajtek told the Senate's 'Road to Poland and the Region's Energy Independence' conference, organised by the National Economy and Innovation Committee, on Monday: "I think we'll acquire Lotos at the turn of July and August, we'll acquire PGNiG this year, I think at the turn of September and October."

The Orlen CEO added that following these acquisitions, the company would work on synergies, at least in terms of extraction.

"We can create these synergies very quickly," he said.