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Matthew Vella
Poland’s oil giant Polski Koncern Naftowy Orlen Spolka Akcyjna (PKN Orlen), Central Europe’s largest downstream oil company, has just registered two companies, Orlen Holding Malta and Orlen Insurance Ltd, at a book value of USD5.025 million and USD4.9 million respectively in the PKN Orlen books. Both companies will be headquartered in Sliema.
Unipetrol AS will also own 1 share of USD25,000 of Orlen Holding Malta, the company which will be responsible for investing and possessing shares in other companies, joint-ventures, consortiums and syndicates. Orlen Insurance Ltd will be concerned with insurance activity especially in the domain of property insurance services for PKN OrlenCapital Group.
PKN Orlen owns 63% of votes at the general meeting of Unipetrol.
The directors of the two companies are Angelo Buhagiar and Kevin F Dingli, and Slawomir Kruzmanowski and Wojciech Ostrowski.
Orlen is one of Central Europe’s largest refiners of crude oil, specialising in processing crude oil into unleaded petrol, diesel, heating oil, and aviation fuel as well as plastics and other petroleum related products. Refining accounted for 81% of 2002 revenue.
The group operates six refineries, located in Plock, Trzebinia and Jedlicze in Poland and in Litvinov, Kralupy and Pardubice in the Czech Republic. Together, the refineries have a total deep processing capacity of 21.7 million tonnes per annum.
The group also provides transportation and storage services, buys and recycles chemical waste, produces and distributes heat and electric power and carries out research and development in the area of processing, trade and storage of liquid and gas fuels. The group has its own network of petrol stations, bars, restaurants and hotels throughout Poland. Its retail network comprises approximately 2,700 outlets offering services in Poland, Germany and Czech Republic, supported by ground and underground storage depots and a network of pipelines.
It has got a number of subsidiaries, all located in Poland and produces mostly for the domestic market. Most of the exported goods and services are sold to Germany.
As at the end of September 2006, the group employed 19,973 employees, of which 4,829 accounted for PKN ORLEN (mother company) and 6,476 for Unipetrol in the Czech Republic and 97 for ORLEN Deuschland in Germany. |
