Lotos

Energy
WSE: LTS
Poland

"Poland's second-biggest oil refiner Lotos is interested in securing a long-term supply deal with Iran once it completes a new coking unit at its Gdansk refinery next year, its chief executive said. State-run Lotos wants to diversify its imports of oil and gas away from Russia, its largest supplier. It signed an agreement last year with National Iranian Oil Company and the first tankers carrying 2 million barrels of Iranian oil arrived in Poland in mid-August. It is now in talks to receive another 2 million barrels.... Lotos could potentially agree a long-term contract with Iran after it finishes construction of the 2.3-billion zloty ($570 million) coking unit at its Gdansk refinery in 2018, he said." (Reuters, "Polish Refiner Lotos Aims for Long-Term Oil Supply Deal with Iran," 2/12/2017).

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"A delegation, comprising senior officials of Poland’s largest oil company, is scheduled to visit Tehran in coming days aiming to ink a contract for developmental of Iranian oilfields. Poland has begun new cooperation with Iran in the post-JCPOA era over development of oil trade as well as collaborations for investment in upstream sector of Iranian oil and gas industry. So far, National Iranian Oil Company (NIOC) has signed spot contracts for crude sales to Lotos S.A. and PKN Orlen while negotiations have also begun with another Polish oil giant for investment in Iranian oil and gas industry." (Mehr News Agency, "Largest Polish Oil Company En Route to Tehran," 1/11/2017).

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"Iran continues its quest for new crude buyers, especially in Europe, but its loyal customer base will continue to hinge on countries like India and China, whose demand for Iranian crude has observed a steady rise this year. Iran has found interest for its crude in some unusual places in the past few months as it continues it diversify its list of buyers. Earlier this month it agreed to sell 1 million barrels of crude oil to Hungary via Croatia as it seeks to widen its post-sanctions customer base, which now includes cargoes sold to oil major BP, France's Total, Greece's Hellenic Petroleum, Spain's Repsol and Cepsa, Russia's Lukoil, Poland's Grupa Lotos, Portugal's Petrogal and Italy's Saras and Iplom. Iran said it has held talks with Bosnia and Herzegovina this week as it hopes to expand its list of crude oil export destinations. However, its shipments to Asia remain the pillar of its export market." (Platts, "Analysis: Iran eyes new crude oil buyers, Asia remains linchpin," 11/1/2016).

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"An NIOC official has announced that Iran has sold a two-million-barrel cargo of crude oil to Lotos S.A. of Poland. Executive Director for International Affairs at National Iranian Oil Company (NIOC) Seyyed Mohsen Ghamsari pointed to negotiations between NIOC and Grupa Lotos S.A. over inking a long-term oil sale contract saying “talks have kicked off with the Polish company though no final agreement has been signed yet.” The official emphasized that so far two million barrels of crude oil have been delivered to Lotos; “both sides are seeking to seal a long term oil deal.” He deemed Eastern Europe as a new market for Iranian crude in the post-JCPOA era adding “in addition to Poland, Iran has so far sold a one-million-barrel cargo to Hungary as well as that relevant negotiation have begun with other states in Eastern Europe.” (Mehr News, "Largest Polish refinery buys Iran's oil," 10/9/2016)

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Polish refiner Lotos could sign a long-term oil deal with Iran after receiving its first supplies from Iran last month, the deputy head of Lotos said on Thursday. Two tankers carrying 2 million barrels of oil from Iran arrived at the port of Gdansk on the Baltic Sea in mid-August.(Reuters, "Poland's Lotos may sign long-term oil supply deal with Iran," 9/8/2016). 

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"Poland's second biggest refiner Lotos said on Friday that it expects oil supplies from Iran to arrive in Gdansk port at the Baltic Sea on August 14. The state-run Lotos said that the tanker Atlantas with 2 million oil barrels has reached the Danish straits and due to draft limits it has to transfer around 700,000 of barrels on a smaller vessel before it enters the Baltic Sea. The supplies are a result of an agreement signed earlier this year between Lotos and National Iranian Oil Company. The cargo is the first Iranian crude sold into this part of the Baltic Sea market since January's lifting of sanctions. In June trade sources said and ship-tracking data showed that the supertanker with Iranian crude is heading towards Gdansk." (Reuters, "Polan's Lotos expects Iran's oil to arrive in Gdansk on Aug 14," 8/12/2016). 

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"Poland's Grupa Lotos has bought 2 million barrels of crude from Iran in a one-off purchase, an Iranian oil official was quoted as saying on Saturday by the oil ministry's news agency SHANA. Mohsen Ghamsari, the director for international affairs at National Iranian Oil Company (NIOC), said the cargo was loaded at Iran's Kharg Island last week. 'Signing a long term contract would depend on the two countries' situation,' he added. Reuters reported on Thursday that a supertanker with Iranian crude was heading toward Poland's Baltic Sea port of Gdansk as Iran continues to claw back market share after the lifting of Western sanctions." (Reuters, "Iran says has sold Poland 2 million barrels of crude oil," 7/2/2016)

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“The chief executive of Poland's No.2 oil refiner Lotos said on Monday he was interested in refining Saudi and Iranian oil as part of efforts to diversify away from Russian crude. ‘We are interested in refining any oil, including Saudi and Iranian oil,’ CEO Pawel Olechnowicz told reporters. ‘Diversification allows for greater safety of the company.’ Last week, the head of Russia's biggest oil company Rosneft said that Saudi Arabia had started supplying crude oil to Poland, a market traditionally dominated by Russia.” (Reuters, “Polish Lotos CEO says interested with Saudi, Iranian oil,” 10/19/2015)