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The Warsaw Voice » Business » October 31, 2013
Business & Economy
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In Brief
October 31, 2013   
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Interest Rates Unchanged
Poland’s rate-setting Monetary Policy Council Oct. 2 decided to keep key interest rates unchanged at 2.5 percent and indicated that they may stay at the same level until the end of the year.

“Given low inflation pressure and the moderate scale of the expected recovery, in the council’s view, interest rates should be kept unchanged at least until the end of 2013,” the council, which is responsible for setting interest rates as part of the country’s central bank (NBP), said in a statement.

Money for Farmers
From 2014 to 2020, Poland will receive 32.1 billion euros from Brussels in direct payments for farmers and to finance its Rural Development Program. Poland will be able to supplement the direct payments with money from government coffers to the tune of 2.1 billion euros.

Orlen Invests in Canada
Poland’s largest oil company, PKN Orlen, will pay nearly 184 million Canadian dollars (zl.560 million) to take over Canada’s TriOil Resources by the end of November, according to a report in Bloomberg Businessweek Polska magazine.

TriOil Resources drills for and extracts oil and gas in the Canadian province of Alberta. The company extracts about 4,100 barrels of oil equivalent (BOE) per day from 179 wells. After the deal, PKN Orlen will take over the company’s oil and gas deposits estimated at about 20 million barrels of oil equivalent and referred to as 2P, for “proven and probable reserves.” In addition, PKN Orlen will gain know-how and experience in drilling for and extracting natural gas from unconventional sources.

PKN Orlen has nine licenses for drilling for shale gas in Poland, but test drilling has not been successful so far.

Ship Owner Upgrades Fleet
The Polish Steamship Company (P¯M), Poland’s largest ship owner, in October picked up a newly built bulk carrier from Japan’s Tsuneishi shipyard. The ship, called Tatry, is the last of four vessels P¯M purchased from the Japanese shipbuilder.

The vessels built in Japan were bought as part of a $1 billion program for renewing the Polish ship owner’s fleet that got under way in 2005. P¯M has bought a total of 38 vessels with a combined capacity of 1.5 million deadweight tons (DWT). After purchasing the new vessels and selling its oldest ones, the company’s ships are now 10 years old on average, down from 17 years old previously.
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