PKN Orlen wants new oil fields to strengthen its position

PKN Orlen has announced plans to search for new crude oil fields. The concern's management is considering Polish Oil and Gas (PGNiG) as well as Petrobaltic as possible partners in the venture. Orlen's president Zbigniew Wrobel does not rule out the possibility of a share exchange, or mutual bond and securities issues, with these companies. So far talks have not been official as the Treasury Ministry's decision on restructuring and privatizing the Polish oil sector is pending. According to Wrobel, development of new oil fields would strengthen the concern's position on the Central European market, which will soon see consolidation in the oil sector. As possible targets Wrobel has named former Soviet Republic countries and Africa, while Stefan Geron, deputy president of Energopol and Golden Gate, considers Kazakhstan to be the best option. (Puls Biznesu, p. 3) K.S.