PKN ORLEN announces new cooperation with NIOC with the acquisition of 1 million barrels of Iranian Light oil

PKN ORLEN has purchased 1 million barrels of Iranian Light oil. It will be delivered to Naftoport in Gdańsk in January, to be then transported to the PKN ORLEN refinery in Płock. 

Płock, Poland, 15-Dec-2016 — /EuropaWire/ — The newly initiated cooperation with the National Iranian Oil Company (NIOC) fits into PKN ORLEN’s oil procurement strategy designed to build commercial relations with the world’s largest oil producers and open to different supply sources. Over the past two years the Company started to source different types of crude from the Persian Gulf (Iraq, Saudi Arabia). Since mid-2016, oil from Arab producers has been constantly a part of the PKN ORLEN refinery’s feedstock portfolio, and the contract entered into with Saudi Aramco in May was extended for another year in November.

The processing of the feedstock most recently delivered from Iran will be a basis for further plans regarding supplies from that direction. The current situation in the market opens the way to engaging in partnerships with alternative suppliers, which will help improve flexibility and efficiency of oil procurement planning for the ORLEN Group.

The Company’s refineries are now supplied with the feedstock under long-term contracts with Rosneft Oil Company, Tatneft Europe AG and Saudi Aramco. With its technological configuration, PKN ORLEN’s plants can process more than 80 types of oil from different parts of the world.

SOURCE:  PKN ORLEN S.A.

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