Orlen mulling more investments in North America

Polish refinery giant PKN Orlen is interested in increasing its investment in North America. The company, which already extracts some 8,000 barrels of crude oil per day in Canada is planning on increasing that number in the next year, Orlen Upstream CEO Wiesław Prugar told the Polish Press Agency. “We might be interested in acquiring similar actives. We're closely monitoring the North American market, including the US,” Prugar said. According to Prugar, several different scenarios are being discussed. “We're thinking about new licenses, we're also open to being partners in various enterprises. Orlen is also ready to acquire 100 percent stock in other companies, just like we did in the past,” he explained. In 2013, Orlen Upstream International acquired Canadian TriOil which holds a number of licenses in Canada and in Q1 2014, extracted some 3,700 barrels per day. In February Prugar said that he plans to increase the daily production to 20,000 barrels per day in the next four – five years.