Orlen, Synthos Green Energy to set up nuclear firm
The Polish anti-trust office, UOKiK, has granted approval for the country's dominant fuels group, PKN Orlen, and Synthos Green Energy to set up a company to build and run small nuclear reactors.
The new company will be called Orlen Synthos Green Energy, and according to UOKiK, the firm's creation will not limit competition.
"Our procedure has shown that the concentration will not lead to limited competition," UOKiK President Tomasz Chrostny was quoted in an UOKiK press release as saying. "What's more, it will contribute to increasing Polish energy independence. That is why I have granted permission for the transaction."
PKN Orlen announced that it would recommend an advisor to the Orlen Unipetrol board, Dawid Jackiewicz, for appointment to the Orlen board.
"UOKiK's positive decision enables the acceleration of carrying out investments into micro and small nuclear reactors," PKN Orlen CEO Daniel Obajtek was quoted in an Orlen press release as saying. "Today we see very well how important it is to complement the energy mix with stable sources of energy production. We are sure we are going in the right direction because our investment is key to ensuring Poland's energy security and the dynamic of national economic growth."
In December 2021, PKN Orlen and Synthos Green Energy, a subsidiary of the Synthos company working within a strategic partnership with GE Hitachi Nuclear Power, signed an investment deal aimed at establishing a joint venture company to develop nuclear technology in Poland and build small and micro nuclear reactors. Permission from UOKiK was needed for the move and was granted on Monday.
Under the deal, PKN Orlen and Synthos Green Energy will each hold a 50-percent share in the joint venture company and the same number of votes at the shareholders meeting, giving equal control over the enterprise.