PKN Orlen signs long-term supply contract with Saudi Aramco

PKN Orlen signs long-term supply contract with Saudi Aramco

7:05 AM, 10th May 2016
PKN Orlen signs long-term supply contract with Saudi Aramco

PLOCK, POLAND: PKN Orlen SA has signed a contract with Saudi Aramco, for the supply of some 200,000 tonnes of crude oil monthly to its refineries, effective immediately.

The contract will end on 31 December, with an option of automatic renewal for successive years. The oil will be processed by all PKN Orlen's refineries in Poland, the Czech Republic, and Lithuania. 

PKN Orlen seeks to ensure stable supplies of the feedstock for its refineries and is therefore consistently pursuing its supply diversification policy. Since the beginning of 2016, the company has already received six spot deliveries from Saudi Aramco. But at the same time, considering the rising opportunities in the global crude oil markets, PKN Orlen does not rule out the possibility of sourcing oil from different directions.

"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," said Wojciech Jasinski, PKN Orlen's CEO and president of the management board.

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