Polish energy group Orlen SA is set to take full ownership of the Polish section of the Yamal natural gas pipeline, which brings Russian gas to Europe. The move will see Russian gas giant Gazprom PJSC lose its stake in the company that operates the section of the pipeline that transits Polish territory.
Poland’s Office of Competition and Consumer Protection (UKOKiK) announced on Oct. 10 that it had approved Orlen’s plans, submitted a week earlier, to take full ownership of EuRoPol GAZ SA, the entity that owns the Polish section of the pipeline. The decision was approved by Poland’s Development Minister Waldemar Buda, with immediate effect.
Gazprom had seven days to appeal the decision. Until now, Orlen and Gazprom each owned a 48% stake in EuRoPol GAZ, with Gas Trading, also part of the Orlen Group, holding the remaining 4%.
The value of the transaction is Pln787 million (approximately $187 million at current exchange rates), according to a report by Notes from Poland Foundation, citing Polish financial news service Money.pl. It said the funds will not go to Gazprom due to European Union (EU) sanctions against the Russian gas company, and will instead be frozen in a special bank account.
Orlen President of the Management Board and CEO Daniel Obajtek, as cited by Notes from Poland Foundation, said the decision to transfer Gazprom’s shareholding is a step towards restoring full control of Polish entities over the country’s strategic gas infrastructure.
He said Poland was dependent on natural gas supplies from Russia for decades, but since 2022 has been completely independent from Russian gas. The Polish section of the Yamal pipeline runs 684 kilometers from Poland’s eastern border with Belarus to its western border with Germany.