How M&A markets are passing the refinery bucks

Polish national oil company (NOC) Orlen S.A. has significantly expanded its business since 2020 by acquiring a refinery in Poland and various retail networks in Central Europe. Even though the company is developing its renewable fuel capabilities in line with international trends, marketing carbon-based fuels will remain among its priorities over the next few years, especially since gasoline and diesel demand in Poland is still growing. In our report, we examine how Mažeikiai refinery's upgrade and other infrastructural developments would contribute to Orlen's further expansion.