Poland’s Orlen refiner signs Saudi contract

PKN Orlen, one of Poland’s largest crude oil refiners, signed a contract with Saudi-based Aramco for the supply of 200,000 tonnes of crude oil a month.

“This is the first direct long-term contract with a supplier from the Gulf region in the history of our company. It shows the direction of our thinking on strategic diversification of crude supply sources, which is centred on partnering with tested oil producers from different geographical regions and on securing optimum supply terms. We have repeatedly announced our intention to use market opportunities to secure an optimal supply structure and good financial terms, and we are delivering on this objective,” said Wojciech Jasiński, PKN Orlen's CEO.

The contract will be effective until 31 December 2016, with an option of automatic renewal in successive periods. The company announced that the oil will be processed at PKN Orlen refineries in Poland, the Czech Republic and Lithuania. 

Source: thenews.pl