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Grupa Lotos

Polish oil company

Summary

Polish oil company

Field	Value
name	Grupa Lotos S.A.
logo	Lotos logo.svg
image	Lotosdanzica.jpg
image_caption	Lotos headquarters in Gdańsk, Poland
type	Spółka Akcyjna
traded_as
industry	Oil and gas
fate	Merged with Orlen
foundation
defunct
location_city	Gdańsk
location_country	Poland
key_people	Zofia Paryła (President)
products	Petroleum
Petroleum products
revenue	PLN 33 billion
€ 7.252 billion (2021)
assets	€16.3 billion
owner	Orlen
num_employees	7,547
homepage

Petroleum products € 7.252 billion (2021)

Lotos petrol station in [[Kraków]], southern Poland

Grupa Lotos S.A. was a vertically integrated oil company based in Gdańsk, in northern Poland. The company was listed in the Polish index WIG30. The Polish state was the majority shareholder with 53% percent. The company's main activity branches were: crude oil production, refining and marketing of oil products. The company was a leader in lubricants on the Polish market. Grupa Lotos was a producer of unleaded gasoline, diesel, fuel oils, aviation fuels, motor and industrial lubricants, bitumens and waxes.

In 2018 the Polish oil refiner and retailer PKN Orlen announced its intent to acquire the company. The merger approval from the European Commission required significant asset divestments by both companies and is expected to reach closing in June or July 2022. On August 1, Orlen finalised the merger with Lotos.

Consolidation

Grupa Lotos was a holding composed of Grupa Lotos - the parent undertaking which manages the refinery in Gdańsk - and 18 direct subsidiaries, including Lotos Czechowice (former Rafineria Czechowice), Lotos Jasło (former Rafineria Jasło), crude oil exploration and production company Petrobaltic. At the end of June 2006, Grupa Lotos employed 5547 people, which was 112 employees more than at the end of 2005.

Subsidiaries

LOTOS Paliwa
LOTOS Oil
LOTOS Asfalt
LOTOS Gaz w likwidacji
LOTOS Petrobaltic
LOTOS Exploration & Production Norge
LOTOS Infrastruktura
LOTOS Terminale
LOTOS Kolej
LOTOS Lab
LOTOS Ochrona
LOTOS Straż
LOTOS Serwis
LOTOS Geonafta
LOTOS-Air BP Polska

Profits

Grupa Lotos holding group consolidated net profit for the first quarter of 2006 financial year, estimated in accordance with IFRS reached approx. PLN 119 million. Grupa Lotos holding group consolidated net profit for whole 2005 financial year, estimated in accordance with IFRS reached approx. PLN 970 million. This is circa PLN 426 million more comparing to financial data from 2004.

Capacity

Gdańsk refinery, owned by Grupa Lotos S.A., refines 6 million tons of crude oil per year. In 2005 Grupa Lotos holding group sold over 5.7 million tons of crude oil based products.

Future

Retail Petrol Stations Network Development Programme, which launched at the end of 2004 assumes expansion of the network stations to 500 outlets. That will allow Grupa Lotos to increase its share in the retail fuel market to approx. 10% in 2012. Purchase of Esso and Slovnaft petrol stations networks in Poland (both networks hold high quality standards and possess sell volume higher than the average petrol station in Poland) indicates concrete acceleration in the process of creation a modern cross-country retail stations network.

In 2020, state-run PKN Orlen plans to take over smaller rival Lotos, if it receives approval from the European Commission. The minister also suggested Poland should have greater control over the economy.

Development

Grupa Lotos strategy aims chiefly at: accomplishment of Gdańsk refinery investment programme (10+ Program), development of crude oil production activity and further shares growth in retail and wholesale petrol market.

References

"MARKET ENVIRONMENT AND FINANCIAL FIGURES".
"Shareholders' Structure - Investor Relations - LOTOS.pl".
"Grupa Lotos Refinery Upgrade".
(2022-01-12). "Poland refiner PKN to sell Lotos assets to Aramco, MOL to complete takeover". [[Reuters]].
(2022-08-01). "Orlen finalises merger with Lotos".
(27 April 2020). "Poland should aim to merge state-run companies - minister". [[Reuters]].
(2020-03-30). "PKN ready to offer concessions after EU warning on Lotos bid - sources".

Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

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