Poland’s PKN Orlen goes upstream in Canada | beyondbrics

Poland’s PKN Orlen goes upstream in Canada | beyondbrics:

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Poles have long had a soft spot for Canada. For decades one of the country’s most popular books has been a colourful paean to the Canadian bush called “Canada, the Scent of Sap” – a title that sounds more evocative in Polish. Now that affection is spilling over into business.

PKN Orlen, Poland’s leading refiner, said on Monday it planned to spend C$240m ($233m) to buy TriOil Resources of Canada, marking its first significant venture in upstream exploration and production.

The offier consists of C$184m to be spent on 100 per cent of TriOil’s shares and C$56m in outstanding debt. It has been accepted by TriOil’s board but must still be approved by shareholders."

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