ORLEN Entered Into Long-Term Oil Supply Agreement with Equinor

SEATTLE (Oil Monster): ORLEN has signed a long-term agreement with Equinor towards supply of more than 6 million tonnes of crude oil. The oil will be sourced from the Johan Sverdrup field on the Norwegian Continental Shelf. This is the first long-term crude oil supply agreement between the two companies.

Under the terms of the agreement, crude oil deliveries are scheduled to commence during the current month and are expected to continue for a period of one year. The crude oil cargoes will be shipped from the Norwegian port of Mongstad and will be received by ORLEN’s refineries located in Poland, Lithuania and the Czech Republic.

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ORLEN has successfully eliminated Russian crude from all of its refineries, by diversifying its supply sources. Ireneusz Fafara, CEO and President of the Management Board at ORLEN noted that the deal is strategically important for the company and that it will help the company secure access to high-quality crude produced with high efficiency and significantly lower emissions.

In the meantime, Equinor observed that the two companies already share a strong relationship and that the new deal aligns with the commitment of both the companies in ensuring reduced greenhouse gas emissions. Moreover, it will further reinforce energy security in Poland, it said.