Orlen to Buy Kufpec’s Assets in Norway for $445 Million
- Polish firm buys oil & gas producing assets on Norwegian shelf
- State-run Orlen is diversifying gas shipments to Poland
An Orlen oil refinery in Plock, Poland.
Photographer: Bartek Sadowski/BloombergThis article is for subscribers only.
Poland’s largest refiner Orlen SA agreed to purchase oil and gas producing assets on the Norwegian continental shelf from Kuwait Foreign Petroleum Exploration Co. for $445 million as part of an effort to diversify shipments of natural gas to the eastern European country.
The acquisition of stakes in five fields will help Orlen boost its gas production in Norway by a third to more than 4 billion cubic meters, the Warsaw-listed company said in an emailed statement. Such output will allow it to fill about a half of the Baltic Pipe link to Poland with its own production.