Image: Business Insider Polska
In a bid to decrease its reliance on Russian oil supply, Polish oil refiner and petrol retailer PKN Orlen has selected Nigeria to supply approximately 130,000 tons of crude oil next month. This comes after PKN Orlen’s efforts to diversify its fuel supplies.
In a statement released yesterday, PKN ORLEN said Nigeria’s Bonny Light oil would supplement the company’s purchases made on the spot market, which currently covers 50 percentage of the group’s demand.
CEO and President of the Management Board of PKN ORLEN, Daniel Obajtek said: “By securing crude types with different properties, we will increase yields and refining margin. That’s why we decided to buy oil from Nigeria. If the Nigerian crude proves efficient in processing, we may consider opening more to that direction of supplies.”
Obajtek added that the deteriorating quality of Russian Urals crude was also prompting PKN Orlen to diversify its supplies.