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Poland’s PKN Orlen’s eyes oil deposits in North America

Poland’s largest refiner PKN Orlen is looking to acquire another oil deposit in North America this year, chief executive Jacek Krawiec was quoted as saying by daily Gazeta Prawna on Tuesday.

“So far we have invested around 1.2 billion zlotys ($325 million) in deposits in Canada,” Krawiec said.

“But that’s not the end. This year still we want to complete another acquisition in North America, capitalising on attractive pricing of upstream assets.”

Asked if PKN Orlen would carry on searching for shale gas in Poland, as other companies pull out because of difficult geological conditions and red tape, Krawiec said that the refiner would continue exploration.

“We still think that it’s a matter of time for technologies allowing for regular industrial production (of shale gas in Poland) to arrive.”

Krawiec also said that Orlen was looking into using its distribution network to offer e-commerce, financial and insurance services.

“When it comes to foreign markets, we are interested in further development of our networks in Germany, the Czech Republic and other European countries,” Krawiec also said. ($1 = 3.6964 zlotys).

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