Grupa Lotos drills for oil in Baltic republics

Similar talks are being conducted with Latvia and Estonia. "We would like as soon as possible to sign a contract for delivery of oil from other sources than the pipeline. As for now we are buying monthly 30,000 tons of oil condenser from Statoil. This is already an element of diversification," said Pawel Olechnowicz. The concern's strategy envisages an increase in oil extraction by its subsidiary Petrobaltic, from the current 300,000 tons to 1 million tons annually in 2012. The company also hopes to gain access to oil deposits located in Kazakhstan. (Puls Biznesu, p. 10) A.K.