PKN Orlen fuel concern to take control over gas giant PGNiG

PKN Orlen will play the leading role in the capital and organisational consolidation with PGNiG as the entity to take control over the gas company, according to the statement. Tytus Żmijewski/PAP

Poland's largest fuel company PKN Orlen has signed a letter of intent with the State Treasury to gain control over the country's gas monopolist PGNiG, PKN Orlen said in a Tuesday statement.

PKN Orlen will play the leading role in the capital and organisational consolidation with PGNiG as the entity to take control over the gas company, according to the statement.

As of the day of the signing, the transaction model and its schedule have not been set yet but the parties agreed to work them out by cooperating and appointing teams, PKN Orlen also said.

No terms of the potential purchase were listed. The state holds 71.9 percent share in PGNiG.