PKN Orlen to receive USD 15bn supply of REBCO oil
February 4, 2013
PKN Orlen fuel group signed an estimated USD 15 billion deal for supplies of REBCO (Russian Export Blend Crude Oil) from Russia's Rosneft Oil Company for 2013-2016, PKN Orlen said in a market filing.
PKN Orlen will receive about 6 million tons of REBCO oil a year between February 1, 2013, and January 31, 2016, the filing read.
The supplies are to be made via the Druzhba pipeline or, in certain cases, by sea.
Thanks to the contract Orlen will have 80% of oil supplies covered by long-term contracts, the company said in a press statement.
"We secured almost 80% of supplies with long-term contracts," CEO Jacek Krawiec said as quoted in the statement.