Poland’s Orlen Group is setting record after record: by market capitalization, it has surpassed all Russian oil and gas companies listed on global stock exchanges, Euronews reports.

Orlen’s shares have been rising practically month after month. Since the beginning of the year, they have gained 45%, not including dividends totaling 9 billion zlotys (more than 2 billion euros) paid to shareholders. For comparison, in 2025 the shares rose by 103%, and the company distributed nearly 7 billion zlotys to investors. Orlen’s current market value exceeds 170 billion zlotys, or about $44.7 billion.

This surge was built step by step. In March, when the Polish company’s market capitalization exceeded $40 billion, Orlen overtook Gazprom, whose Moscow-listed shares at that moment valued it at less than $39 billion. The next targets were Novatek and Lukoil — Orlen surpassed both companies in early June, reaching a record market capitalization of 170 billion zlotys.

And in mid-July, after the so-called dividend gap (which occurs after the share price is adjusted following the dividend record date), the Polish conglomerate also overtook Rosneft, which was valued at $40.75 billion. Thus, today no Russian oil and gas company listed on the stock exchange is worth more than Orlen.