PARTNER CONTENT New branches of Bank Pekao S.A. are being established in Gdańsk, Katowice, Krakow, Lublin, and Łódź. This is part of the Multi-Branch project, which aims to consolidate units serving corporate and retail clients, along with support teams, into a single office space. Soon, corporate and business banking clients will be served in modern and functional spaces. Simultaneously, intensive work is underway on the retail branches, which will be located on the ground floors of the buildings and will feature interiors designed to the latest standards. The design inspiration for the Multi-Branch project was the bank's new headquarters at ul. Żubra 1 in Warsaw. Pekao Tower is adapted to the individual needs of each employee and is characterized by the highest quality standards in space arrangement and equipment. "The Multi-Branch project is a response to the expectations of both clients and employees. Locating units in a single office space will improve the quality and accessibility of services, as well as create better working conditions," says Leszek Skiba, Chairman of the Management Board of Bank Pekao S.A. "The new facilities we are opening are modern, well-connected, and attractive locations, providing the highest standards and technologies. I am confident that the pro-ecological solutions and high-class interior finishes will create a friendly space for all users," he adds. The office buildings where the bank's branches will open offer access to a rich cultural environment, historical sites, and green areas. They are located near public transportation. The modern, functional, and shared space will enhance operational efficiency and inter-employee communication. All facilities have received BREEAM certification at the Excellent level or Well Health & Safety, confirming the use of energy-efficient building operation systems and indicating that the implemented solutions are friendly to people and the environment. Below is a list of the buildings and office complexes where Bank Pekao S.A. branches will be established:

• Łódź – REACT building, located at Al. Piłsudskiego 24,
• Lublin – building in the Centrum Zana Office Park complex at Al. Kraśnickiej 27,
• Gdańsk – building in the Olivia Business Centre complex at Al. Grunwaldzkiej 472E,
• Krakow – building in the Fabryczna Office Park complex at Al. Pokoju 18C,
• Katowice – building in the Face2Face Business Campus complex at ul. Żelazna 2.

The bank plans to open further multi-branches in other cities.

PARTNER CONTENT

The ORLEN Group has commenced operations at the Tommeliten A field on the Norwegian Continental Shelf. This will provide the concern with an additional 0.5 billion cubic meters of natural gas annually, which will be supplied to Poland via the Baltic Pipe gas pipeline. Production from Tommeliten A was launched six months earlier than the planned schedule, meaning the gas extracted from the field will strengthen the country's energy security even during this heating season.

“Tommeliten A is one of the ORLEN Group's largest investment projects on the Norwegian Continental Shelf. This is due not only to the size of its resources but also to the fact that we are the largest shareholder in this field. The launch of operations at Tommeliten A signifies a leap in the ORLEN Group's gas production, by 0.5 billion cubic meters annually. This brings us closer to achieving our strategic goal of doubling production in Norway to 6 billion cubic meters of gas per year. Increasing production on the Norwegian Continental Shelf is one of the ORLEN Group's priorities to ensure uninterrupted supplies of raw materials needed by the Polish economy. Thanks to the excellent cooperation between our Norwegian company and the other shareholders of the field, we managed to accelerate the start of operations at Tommeliten A by almost six months. This is a major success, which demonstrates the concern's high competencies in carrying out exploration projects and is of significant importance for strengthening Poland's energy security,” said Daniel Obajtek, CEO of ORLEN.

Through its subsidiary PGNiG Upstream Norway AS (PUN), the ORLEN Group holds over 42% of the shares in Tommeliten A. The field's resources are estimated at 120-180 million barrels of oil equivalent, with the ORLEN Group's share amounting to 50-76 million barrels of oil equivalent, including 6-9 billion cubic meters of gas. Ultimately, production from Tommeliten A will be carried out using 11 wells and supplied via a heated pipeline to infrastructure on license PL 018, from where it will be further processed and transported. PL 018 is currently one of the most important production hubs on the Norwegian Continental Shelf, and the installations located there have been modified to receive production from Tommeliten A.

The launch of operations at the Tommeliten A field is one of nine investment projects initiated by the ORLEN Group in the last two years to increase gas production on the Norwegian Continental Shelf. According to ORLEN's Strategy, by the end of 2030, this production will increase to 6 billion cubic meters of gas per year, up from 3.5 billion cubic meters last year. This will contribute to increasing Poland's energy security, as the gas produced in Norway is transported to Poland via the Baltic Pipe. ORLEN has reserved over 8 billion cubic meters of annual capacity on this pipeline and plans for the largest possible share of the raw material transported this way to come from its own production. In 2030, this could fill up to 75% of the reserved capacity of this gas pipeline.

PGNiG Upstream Norway operates at 18 fields in Norway and holds stakes in 91 licenses. Currently, the company's oil and gas reserves on the Norwegian Continental Shelf exceed 346 million barrels of oil equivalent. In terms of resources and production of oil and gas, PUN ranks among the top ten companies actively operating in Norway, and regarding natural gas resources and production, it holds the 8th position. As for the number of licenses, it is in fifth place.

In 2022, companies from the ORLEN Group produced 3.5 billion cubic meters of natural gas from their Norwegian fields, which corresponded to over 20% of Poland's demand for this raw material last year.

In addition to PUN, the shareholders of the Tommeliten A license include: ConocoPhillips Skandinavia AS (operator), TotalEnergies EP Norge AS, Vår Energi ASA, ConocoPhillips (U.K.) Holdings Limited, TotalEnergies E&P UK Limited, ENI UK Limited.

Among the better news, a relatively solid surplus in the trade balance persists (EUR 491 million in August), although the reversal of last year's negative terms-of-trade shock continues to contribute to it significantly. The proverbial fly in the ointment, as mentioned in the NBP commentary, is the deteriorating economic climate in the automotive sector, which until recently was the engine of Polish foreign trade. This is likely a reflection of the weakness of the German economy... - wrote the analysts from Bank Pekao.