PGNiG ready to work with PKN Orlen

Representatives of Polish Oil and Gas (PGNiG) have declared their will to co-operate with PKN Orlen in its oil extraction projects. Plock-based Orlen would rather buy stakes from PGNiG this year, in companies already involved in oil exploration and extraction. "We are ready to start co-operation after receiving specific proposals," said PGNiG PR director Igor Wasilewski. Orlen is also interested in acquiring stakes in state-owned Petrobaltic - the only company in the country searching for oil and gas in the Baltic Sea. "E xperience gained in Poland would allow us easier analysis of potential foreign oil extraction projects," said PKN Orlen president Zbigniew Wrobel. In his opinion the company could take over stakes in Russian oil exploration companies in 2004 or 2005. The chance of buying stakes in domestic companies may soon arise, as PGNiG is to be privatized. (Parkiet, p. 4) M.M.