As stated on the project summary disclosed by the bank, the project consists of a DFC guaranty covering potential derivative obligations owed by ORLEN to Goldman Sachs in the context of ORLEN's hedging activity in relation with its US-EU LNG exposure.
The Project is expected to have a positive but limited development impact in Poland by helping to address the country’s growing demand for natural gas after Russia halted gas exports to the country, which accounted for approximately 55% of the Poland’s gas imports and 42% of total gas supply.
Specifically, the Project will enable ORLEN to limit its commodity price risk exposure and reduce its liquidity constraints in a highly volatile gas market, by increasing the amount of LNG related hedges available to ORLEN through Goldman Sachs.
Furthermore, the Project will facilitate the continued supply of gas to Poland, which is an important component to the country’s energy policy of reducing the carbon intensity of its energy supply through, in part, moving away from coal-fired power towards the increased use of natural gas and renewables.
As stated by Bloomberg, ORLEN Spolka Akcyjna operates as an integrated, multi-utility company. The Company specializes in electricity generation, distribution and trading, crude oil processing, production of fuels, petrochemicals and chemicals, and the wholesale and retail sale of fuel products, as well as storage, marketing, and distribution of gaseous and liquid fuels.
|Private Actor 1
|Private Actor 1 Role
|Private Actor 1 Sector
|Private Actor 2
|Private Actor 2 Role
|Private Actor 2 Sector
|ORLEN SA (former PKN ORLEN SA)
|Goldman Sachs Bank Europe SE
No project contacts provided at the time of disclosure.
Goldman Sachs Bank Europe SE:
Phone: +48 (24) 256 00 00 / +48 (24) 365 00 00 / +48 (24) 367 70 00
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