The company says heavy transport firms are keen to switch to bioLNG, a renewable fuel produced from organic waste.
The company says heavy transport firms are keen to switch to bioLNG, a renewable fuel produced from organic waste.
The decision clears the way for the project to compete in Poland’s first offshore wind auction in December.
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The Polish firm is reportedly planning to transport Venezuelan oil to China following the lifting of sanctions on Caracas.
The $445 million transaction will boost Orlen’s gas output in Norway by one-third.
It is the only firm in the Central and Eastern Europe region between Germany and Russia to make it into the top 50.
Orlen assures that prices will remain stable at petrol stations, but analysts expect hikes.
Baltic Power – a joint venture between Poland’s Orlen and Canada’s Northland Power – will supply around 3% of Poland’s electricity needs.
“We are putting an end to the Russian [gas] flows in the Polish gas transit system!” declared Orlen’s CEO, Daniel Obajtek.
Orlen bought Polska Press, which publishes hundreds of newspapers and websites, in 2021.
The firm denies claims it has artificially lowered prices to help the government’s re-election bid.
Analysts believe state energy giant Orlen has been lowering prices at petrol stations to help the ruling party win re-election.
The wind farm is expected to provide clean energy to 1.5 million Polish households by 2026.
Orlen notes that the landlocked Czech Republic can only be supplied via pipelines, meaning there is no alternative to Russian oil.
The investment will bring the company closer to its goal of reducing its carbon footprint by 25% by 2030.