On 14 July 2020, Polski Koncern Naftowy (PKN) ORLEN and the State Treasury, represented by the Minister of State Assets, signed a Letter of Intent (LoI) for the acquisition of Polskie Gornictwo Naftowe i Gazownictwo (PGNiG) Group by PKN ORLEN. The acquisition of PGNiG Group, majority-owned by the Ministry of State Assets (71.88%), by PKN ORLEN is following the government's strategic decision to form financially strong, internationally-recognised brand that is capable to compete on the global markets. According to the Letter of Intent, the transaction model and its timetable will be developed by a team representing both parties to the agreement, whereby the leading role will be taken by PKN ORLEN. The procedure is contingent on the approval of the relevant competition authorities, including the European Commission and the domestic office UOKiK.  The acquisition of PGNiG by PKN ORLEN follows up on the latter company's recent acquisitions of Energa Group and the conditional agreement of the European Commission to take over the LOTOS Group.  Following the transaction, the joint revenues of PKN ORLEN, ENERGA Group, LOTOS Group and PGNiG Group would reach PLN 200 billion. The annual EBITDA of the main operational segments would reach PLN 20 billion.  The international exploration and production activities of the joint group include Canada (ORLEN Upstream), Lithuania (LOTOS Geonafta), Pakistan (PGNiG), Poland (PGNiG, LOTOS Petrobaltic, ORLEN Upstream), Norway (PGNiG, LOTOS Petrobaltic) and the United Arab Emirates (PGNiG).
Poland, On 14 July 2020, Polski Koncern Naftowy (PKN) ORLEN and the State Treasury, represented by the Minister of State Assets, signed a Letter of Intent (LoI) for the acquisition of Polskie Gornictwo Naftowe i Gazownictwo (PGNiG) Group by PKN ORLEN. 