Poland's PKN increases monthly oil purchases from Saudi Aramco

Poland's PKN increases monthly oil purchases from Saudi Aramco
Published: 22 January 2020 - 7:30 a.m.
By: Martin Menachery
Poland's largest refiner PKN Orlen said that it would increase monthly crude oil purchases from Saudi Aramco to 400,000 from 300,000 tonnes as part of its efforts to diversify supply.

PKN, which buys most of its oil from Russia via pipeline, has been receiving oil from Saudi Aramco since 2016.

"This is another step on the road to securing the operation of our group's plants and increasing Poland's energy security," PKN's CEO Daniel Obajtek said in a statement.

"We are consistently building our trading position in different regions of the world. This process will undoubtedly facilitate the finalisation of the acquisition of Grupa Lotos, when we will become an important recipient of crude oil for global partners."

PKN is still awaiting approval from the European Commission for its planned takeover of Poland's smaller refiner, the Gdansk-based Lotos.

The company said that the Arabian Light crude will be refined in its facilities in Poland, Lithuania and the Czech Republic.

More than 40% of all PKN's crude feedstock is now sourced from non-Russian suppliers, up from just five percent in 2013.

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