“The new name more accurately represents the wide-ranging activities of our multi-utility Group and its strategic development trajectory, which includes expansion into offshore wind energy, nuclear power, hydrogen and synthetic fuel production, and green petrochemicals. Given that as much as 70% of the ORLEN Group’s value in the first quarter of this year was generated from non-oil refining segments, this renaming is indeed a logical step,” said Daniel Obajtek, President of the ORLEN Management Board.
In line with our updated strategy, by the end of 2030, the Company will have committed as much as PLN 320 billion for capital expenditure, with PLN 120 billion earmarked for low- and zero-emission projects. By the close of the decade, ORLEN aims to own renewable energy sources totalling 9 GW in capacity, install 10,000 EV charging stations across Central Europe, and achieve 300 MW of installed capacity in small modular reactors.
Our production targets for this period include 3 million tonnes of biofuels, approximately 1 bcm of biogas, 130,000 tonnes of renewable hydrogen, and 70,000 tonnes of synthetic fuels. By 2030, the ORLEN Group intends to reduce greenhouse gas emissions by 25% in its refining, petrochemical, and upstream segments. In the power segment, we will reduce CO2 emissions per unit of energy produced by up to 40%. By 2035, we plan to discontinue all coal-fired power generation.
The name change will not impact the Company’s visual identity. The ‘ORLEN’ brand name and the red and white eagle’s head logo, which have been consistently used for marketing purposes, will continue to represent our brand unchanged.
The name change resolution of the Annual General Meeting, dated June 21st 2023, came into effect on July 3rd 2023 upon registration with the National Court Register.