The volume reduction will not affect the security of supplies to ORLEN refineries.
Under the previous contract between PKN ORLEN and Rosneft, effective until January 31st 2021, oil supplies amounted to 5.4–6.6m tonnes annually.
The new 2-year contract provides for annual supplies of 3.6m tonnes to PKN ORLEN refineries.
Daniel Obajtek, President of the PKN ORLEN Management Board said:
- The reduction in crude oil supplies under the contract with Rosneft changes nothing for the stability of oil supplies to ORLEN Group refineries or fuel supplies in the region
- We are prepared to meet this challenge, having consistently pursued diversification of supply sources and having established relationships with oil producers in other regions of the world
- Also, we enjoy a solid position in the spot market
PKN ORLEN is actively looking for new markets and expanding its portfolio of suppliers and crude oil grades.
Crude oil for ORLEN Group refineries is currently supplied under long-term contracts from Saudi Arabia and Russia as well as under spot contracts from the North Sea, Angola and Nigeria.
Furthermore, in early March PKN ORLEN signed its 1st-ever long-term contract for the supply of US crude.