The European Commission has approved, the creation of ORLEN Synthos Green Energy (OSGE), a full-function joint venture by Poland’s oil giant PKN ORLEN S.A. and Synthos Green Energy S.A. that will be handling the development and commercialization of nuclear energy in Poland.
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“The joint venture will develop and deploy small and micro modular reactors (‘SMR’ and ‘MMR’, respectively), explore potential reactor sites, and, once the nuclear power plants are operational, commercialize SMR/MMR-generated electricity in Poland,” the European Commission wrote in a press release on Friday.
In the decision to approve the “joint venture,” the EC concluded that “the proposed acquisition would raise no competition concerns, given its very limited impact on the market. The transaction was examined under the simplified merger review procedure.”
ORLEN, Synthos and OSGE
PKN ORLEN is a Polish oil refiner and petrol retailer. The company operates in Central Europe and Canada providing energy and fuel to over 100 million people.
Synthos Green Energy is a chemical company producing and supplying solutions to a wide range of industries. “We manufacture and supply synthetic rubbers, styrene plastics, plant protection products and dispersions and latexes to companies around the world,” the company wrote on its website.
“OSGE is a non full-function joint venture incorporated in Poland by PKN ORLEN and SGE in 2022… OSGE’s core activities are the development and deployment of small- and micro-modular reactor technology- based (small-scale) nuclear power plants, exploration of potential reactor sites, and, once the nuclear power plants are operational, the commercialisation of SMR/MMRgenerated electricity in Poland. Ultimately, OSGE’s core business activity will be the generation and supply of electricity in Poland,” the EC wrote in a document concerning the joint venture.
Daniel Obajtek, the CEO of Orlen said that the company would build the country’s first small modular reactors (SMR) within “three years”.