Orlen and PGNiG join forces and head east

Parkiet has unofficially learned that oil concern PKN Orlen in co-operation with Polish Oil and Gas (PGNiG) plans to set up a joint venture, which would buy concessions to explore and drill for oil and gas in either Russia, Ukra ine or Kazakhstan. "We have to enter foreign markets in order to diversify our sources," said a PGNiG employees. Parkiet has also learned that PGNiG is currently searching for oil and gas in India, Pakistan and Ukraine. Despite the fact that the president of Orlen, Zbigniew Wróbel, many times repeated that one of his company's priorities was to get access to new oil deposits, he would not comment on these rumors. In related news, PKN Orlen has posted a Q2 net profit of zł. 160 million, which was zł. 45 million more than for Q2 2002. However, its operating results worsened, which is the result of gr owing costs. (Parkiet, pp. 1, 3) M.M.