PERN announces big plans to deal with oil market changes

Oil storage and pipeline operating company PERN will allocating PLN 150 million for investment for the coming year, the company told the Polish press on Tuesday. During 2016, it actualized PLN 90 million of investment, said Igor Wasilewski, the company’s president. For 2017, the company indicated, it will start construction of the second phase of the Gdansk Oil Terminal, expand the tank farm in Gdansk, as well as the modernize pipelines passing through the Wisła, Bug and Narew Rivers. Additionally, it plans to modernize and expand its infrastructure and information technology systems and industrial automation. Wasilewski said, “For these and other tasks PERN next year plans to spend about PLN 150 million.” Wasilewski decided to adopt a strategy for the years 2016-2020 for the Capital Group PERN. He noted that one of the main objectives of the updated strategic objectives of the company and its group is to respond to emerging new market challenges. “The company will be able to meet the high standards of technology, organization and computer technology, and thus more confident than ever guarantee the energy security of the country and to occupy an important place in the development of the Polish economy.” The company’s president added that as a result of dramatically-lowered oil prices and increased competition, there has been an increase in oil supply diversity for the Polish market, with more competition between Russia and other producers. Wasilewski noted that Poland will continue to have more Saudi and Iraqi supplies of oil. Consequently, joint projects and initiatives, as well as the expansion and modernization mentioned above, are vital, the company said.