Audit: Orlen-Lotos Merger Cost Poland Billions
On Tuesday, Poland’s Supreme Audit Office (NIK) presented a report criticizing the 2022 merger of state-run fuel companies Orlen and Lotos. NIK head Marian Banas said the deal was executed at a price approximately PLN 5 billion (EUR 1.2 billion) below market value, causing significant harm to the Polish economy. Orlen reportedly exaggerated future synergies worth PLN 10 billion (EUR 2.3 billion) to make the transaction appear profitable. The audit also found that the deal reduced state control over 20% of the refinery market, posing risks to national fuel security. Additionally, external legal advisors were paid PLN 200 million (EUR 46.7 million), bypassing state legal services, CE Report quotes PAP
