Saudi oil and gas giant Aramco is further growing its international downstream presence via investments in Polish state oil refiner and petrol retailer, PKN Orlen, Aramco said in a statement.
The Dharhan based corporation will acquire a 30 percent stake in a Polish refinery with an estimated 210,000 barrels daily, an 100 percent stake in a related wholesale business, and a 50 percent stake in a jet fuel marketing joint venture with British multinational oil and gas firm, BP.
“Our expanding global network of refineries and chemical joint ventures allows us to reach new markets with our products, and strategically place crude oil volumes across different geographies,” Aramco Senior Vice-President of Downstream, Mohammed Al-Qahtani, said.
The investments also come in line with PKN Orlen’s target of diversifying its energy supply, as it will secure crude imports from Aramco.
Additionally, Aramco signed an agreement with the Polish firm as well as Saudi based chemical manufacturing company, SABIC to explore and unveil potential petrochemical growth and expansion opportunities in Poland as well as Central and Eastern Europe.
Aramco and PKN Orlen took a further step upon signing another MoU specifically focusing on revealing research and development opportunities in the region.
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