Polish refiner PKN Orlen eyes further expansion in North America
September 17, 2013
Jacek Krawiec, PKN Orlen's CEO
Poland’s fuel giant PKN Orlen, which had struck a deal to buy Canadian oil exploration and production company TriOil Resources, is interested in further acquisitions in coming years, the company’s officials said at a press conference on Monday.
PKN Orlen wants to use TriOil as a platform for further expansion in North America, Sławomir Jędrzejczyk PKN Orlen’s chief financial officer told reporters.
"This will be a beachhead for us in North America and a potential platform for further expansion in a region that is very attractive for us," Mr. Jedrzejczyk said.
After purchasing TriOil [for some PLN 735.7 million] the company will still have more than PLN 2 billion for mergers or acquisitions.
The deal, approved by the TriOil Resources board of directors, has to be accepted by a shareholder meeting, planned for November, PKN Orlen said in a news release.
“In our view, TriOil is an optimal acquisition target,” Jacek Krawiec, PKN Orlen’s CEO said.
"The purchase of TriOil Resources provides us with access to producing fields and at the same time allows us to diversify our assets portfolio geographically," PKN Orlen CEO Jacek Krawiec said. “The transaction also offers an opportunity for the transfer of know-how from the mature and technologically advanced Canadian market.”
TriOil Resources Ltd. is a junior oil and natural gas company based in Western Canada. It is listed on TSX Venture Exchange.
TriOil is at the early stage of development drilling on two key projects, the Cardium and Dunvegan oil trends at Lochend, Alberta.