9/05/2006

Poland's Lotos President Sees Oil Output Above 1 Million Tons By 2012

Grupa Lotos (LTS.WA) President Pawel Olechnowicz Thursday (24/08/06) said that by 2012 the company's refinery will be processing more than 1 million metric tons of crude extracted by Lotos itself, up from 0.3 million tons at present.
Lotos' medium-sized refinery in Gdansk has a capacity to process 6 million tons of crude per year, making it Poland's second-largest refiner.
Of this total, only about 0.3 million tons of crude annually has been extracted by Lotos' own oil-extracting arm, Perobaltic. The bulk of the refinery's crude supply is imported from Russia.
Olechnowicz's comments, in a broadcast on Poland's TVN24 news channel, followed a statement from Lotos earlier Thursday in which the company said Petrobaltic has discovered two new oil deposits in the Baltic Sea, containing an estimated 16 million cubic meters of crude.
The smaller deposit lies 68 kilometers from the Polish coast and contains 1 million cubic meters of crude. Extraction from this field is due to start in 2008.
Oil from the larger deposit, which contains 15 million cubic meters of crude and lies 135 kilometers from the port of Gdansk, will start being pumped after 2010, Lotos said.
Source:easybourse.com



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