June 2, 2016 / 1:06 AM / in 2 years

Saudi Aramco enters Baltic market with oil supply deal with Polish PKN

WARSAW (Reuters) - Saudi Aramco and Poland’s biggest refiner PKN Orlen on Wednesday signed a contract agreed in May for Aramco to supply PKN with 50,000 barrels of crude oil per day starting this month, the companies said.

“This agreement marks a strong first-step for Saudi Aramco’s entry into the Baltic market, adding value in the key markets of Poland, Lithuania, and the Czech Republic, where PKN Orlen operates refineries,” Saudi Aramco’s CEO Amin Nasser said in a statement.

Polish state-run oil companies - PKN Orlen and Lotos, which refine mostly Russian oil - started to diversify their supplies at the end of last year.

The contract agreed with Saudi Aramco in May is PKN’s first long-term deal with a supplier from the Gulf region.

Reporting by Agnieszka Barteczko and Reem Shamseddine; Editing by Adrian Krajewski

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