PKN Orlen submitted an application to the Office of Competition and Consumer Protection (UOKiK) for consent to the establishment of the joint venture Orlen Synthos Green Energy, which is to be responsible for the preparation and commercialization of micro and small nuclear reactor technology in Poland the company said.
“Our goal is to implement one of the most effective, cheapest and safe energy generation technologies and to build the first small reactor in our country in this decade. Establishing a new company with which we will do this will bring us closer to achieving our strategic goal – building a low-emission and innovative At Orlen Synthos Green Energy, we will use the competences, skills and experience of people who already work in the Orlen Group, know our strategy and know that it is crucial for us to use the potential of the Polish economy and domestic suppliers. Jackiewicz, who previously, on behalf of the Polish government, supervised companies from the energy sector and is a valued expert in the fuel and energy industry,” said the president of PKN Orlen, Daniel Obajtek.
The investment agreement assuming the creation of a new company was signed in December 2021 by PKN Orlen and Synthos Green Energy. The scope of the company’s activities is to include preparations for the construction of micro and small nuclear reactors, in particular the BWRX-300 GE Hitachi Nuclear Energy reactors, as well as supporting the development of legal solutions, testing individual locations for the construction of installations, implementation of joint investments, and ultimately also the production of energy and heat from using these technologies for own, municipal and commercial purposes.
The technology of the BWRX-300 GE Hitachi Nuclear Energy reactors, which PKN Orlen has chosen, is currently the most advanced technology in the world on the way to commercialization. Additionally, wide access to potential locations, a rich history of large investment projects and extensive experience in launching modern technologies in the energy sector, the Orlen Group is in a convenient position for the preparation and implementation of micro and small nuclear reactors, the company announced.
The Orlen Synthos Green Energy joint venture will be established after obtaining the relevant approvals of the antimonopoly authorities.
Synthos Green Energy is a subsidiary of Synthos, whose activity focuses on three areas: development of small nuclear reactors (SMR), offshore wind energy and hydrogen production.
The Synthos capital group is a leading producer of chemical raw materials in Poland and Europe. It was listed on the WSE from 2004 to April 2018. The company’s strategy is based on the continuous development of innovation and the introduction of modern production technologies in the chemical industry. Synthos has 7 production plants located in Poland, the Czech Republic, France and the Netherlands and employs over 3,000. employees.
The PKN Orlen Group manages six refineries in Poland, the Czech Republic and Lithuania, and is also active in Poland and Canada. Its consolidated sales revenues reached PLN 131.5 billion in 2021. The company has been listed on the WSE since 1999.
Source: PKN Orlen and ISBnews
