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20 Aug 2024

Poland’s Orlen Reaches One-Year Deal for 6 Mln Tons of Oil From BP

20 Aug 2024  by reuters   

Logo of British Petrol BP is seen e at petrol station in Pienkow, Poland, June 8, 2022. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights
Polish state-owned refiner Orlen (PKN.WA), opens new tab will receive 6 metric tons of oil from British energy group BP (BP.L), opens new tab under a year-long agreement, it said on Monday.

The deliveries of North Sea oil are expected to cover about 15% of Orlen's requirements and both companies are open to future cooperation on joint projects, the Polish refiner said.

"We count on cooperation with Orlen on future projects aimed at accelerating energy transformation," BP Polska CEO Bogdan Kucharski said in a statement.

Poland generates most of its electricity from coal, but plans to reduce its share in power production due to rising carbon emission costs.

The Polish refiner is diversifying its oil portfolio with supplies coming from deposits in Great Britain, Norway, the United States, the Persian Gulf and West Africa.

The company uses Russian crude in its Czech refineries under a contract with Rosneft for five million tons a year that is set to expire in the middle of 2025.

The first tanker with contracted oil from BP is scheduled to reach Poland in September.

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