PKN and Kuwait Energy team up to explore for crude
Poland's largest fuel refiner, PKN Orlen has joined up with the Kuwait Energy Company to buy a company giving it the right to explore for crude and gas off the coast of Latvia.
Unlike its smaller Polish rival Lotos, PKN buys all of the crude it refines.
The state-controlled Polish fuel group said it had signed an agreement acquire a 50% stake in Odin Energi Latvija from Odin Energi A/S for $950,000. The Kuwait Energy Company had acquired the other 50% stake, it added.
Odin Energi is a Danish privately-owned oil exploration company.
PKN's stake gives it the right to a 45% stake in concessions to explore and extract crude and natural gas from the Latvian economic zone on the Baltic Sea, the company said. (Reuters)
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