ORLEN secures three-year crude oil supply from Norway's Johan Sverdrup field
ORLEN has signed a three-year agreement with Equinor for crude oil supplies from the Johan Sverdrup field in Norway. The deal aims to enhance supply security for refineries in Poland, the Czech Republic, and Lithuania.
ORLEN, a Polish energy group, has entered into a three-year crude oil supply agreement with Norway's Equinor. Deliveries, set to commence in September, will be sourced from the Johan Sverdrup field on the Norwegian Continental Shelf.
The agreement allows for annual volumes potentially exceeding nine million tonnes, which could represent up to a quarter of ORLEN Group's total crude oil demand. The oil will be directed to ORLEN refineries located in Poland, the Czech Republic, and Lithuania, thereby bolstering regional supply security.
ORLEN stated the deal addresses global oil market volatility and geopolitical risks impacting transport routes. The contract provides flexibility, enabling annual deliveries to range from nearly five million to over nine million tonnes, allowing ORLEN to adjust based on demand, market conditions, and refinery needs.
The Johan Sverdrup crude grade will serve as the primary supply, though the contract also permits the delivery of other crude grades from Norway's continental shelf. ORLEN and Equinor already collaborate on production activities, low-carbon projects, and natural gas supplies to Poland.