Saudi Arabian Oil Company (SASE:2222) agreed to acquire 30% stake in PKN Orlen's refinery, 50% stake in jet fuel marketing and 100% of wholesale ventures from Polski Koncern Naftowy ORLEN Sp=lka Akcyjna (WSE:PKN) for SAR 2063 on January 12, 2022. Completion of the transaction is subject to regulatory approvals, including from the European Commission. As of November 5, 2022, the European Commission approved the transaction. The transaction is expected to complete in 2022. Andrew Schoorlemmer, Oliver Bacon, Kaylee Lemieux,Cathy Gilmartin, Sean Magner and Elizabeth Shorland of Allen & Overy LLP acted as legal advisor to Saudi Arabian Oil Company.
Saudi Arabian Oil Company (SASE:2222) completed the acquisition of 30% stake in PKN Orlen's refinery, 50% stake in jet fuel marketing and 100% of wholesale ventures from Polski Koncern Naftowy ORLEN Sp=lka Akcyjna (WSE:PKN) on November 30, 2022.