Saudi Aramco announced its entry into the Baltic market after signing a contract with Poland’s biggest refiner, PKN Orlen, for Aramco to supply PKN with 50,000bp/d starting in June, Reuters reported. The oil will be processed by all PKN ORLEN’s refineries in Poland, the Czech Republic and Lithuania, Energy Global added.
Polish state-run oil companies – PKN Orlen and Lotos , which refine mostly Russian oil, started to diversify their supplies at the end of last year. The contract agreed with Saudi Aramco is PKN’s first long-term deal with a supplier from the Gulf region.
“This agreement marks a strong first-step for Saudi Aramco’s entry into the Baltic market, adding value in the key markets of Poland, Lithuania, and the Czech Republic, where PKN Orlen operates refineries,” Saudi Aramco’s CEO, Amin Nasser, said in a statement.
On his side, Wojciech Jasinski, PKN ORLEN’s CEO and President of the Management Board said: “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.”