PKN Orlen CEO: talks with Saudi Aramco on oil supply

Representatives of Orlen Group and Saudi Aramco are discussing oil supplies to our region and prospects for petrochemical development, PKN Orlen CEO Daniel Obajtek tweeted. As he stressed, the production of advanced plastics is a huge opportunity for Orlen Group’s plant in Gdansk.

– We are discussing with Aramco representatives the supply of raw material to our region, but also the development prospects of the petrochemical industry. The production of advanced plastics, in cooperation with the global leader in this industry, is a huge opportunity for the Gdansk plant and the entire Polish economy,” PKN Orlen CEO Daniel Obajtek wrote on Twitter on Tuesday.

PKN Orlen reported in July that it was holding talks with Saudi Aramco and SABIC on the possibility of cooperation in investments in various areas of petrochemical operations. As the company reported at the time, the scope of the trilateral cooperation agreement from January was to be expanded “to include an assessment of the potential joint development of a petrochemical complex project comprising a large-scale mixed feedstock steam cracker with downstream facilities that would be integrated with the Gdansk refinery”.

PKN Orlen also reported in July that it was exploring with Saudi Aramco possible areas of cooperation in research and development.

In January, PKN Orlen signed a long-term agreement with Saudi Aramco for oil supplies of between 200,000 and 337,000 barrels per day. The company estimated at the time that after the merger with Lotos Group, which happened in August, this would provide up to 45 per cent of the total crude demand of the entire Orlen Group in both Poland, Lithuania and the Czech Republic.

Orlen Group is now, after its merger with Lotos Group and more recently with PGNiG, a multi-utility company, the largest in Central Europe, one of the largest in Europe and 155th in the world in terms of global revenues. Saudi Aramco, on the other hand, is a conglomerate from Saudi Arabia and is the world’s largest upstream player in terms of daily production – providing about 10 per cent of global oil demand.

Source: PortalMorski.pl