May 8, 2014 / 5:28 AM / 4 years ago

Unit of Poland's PKN Orlen buys another Canadian upstream unit

WARSAW, May 8 (Reuters) - TriOil Resources, the Canadian upstream unit of Poland’s top oil refiner, PKN Orlen, bought its local rival Birchill Exploration, making good on the promise to buy oil production assets to increase profitability, PKN said on Thursday.

TriOil bought Birchill for an undisclosed price from Luxembourg-based Bregal-Birchill Investments. PKN wants to finalise the transaction this quarter and expects it to double its Canadian upstream capacity.

State-controlled PKN booked its first net profit from oil production in the first quarter of this year with its last-year purchase of TriOil booking core earnings of 37 million zlotys ($12.3 million).

TriOil produced 330,000 barrels of oil equivalent in the first quarter.

$1 = 3.0099 Polish zlotys Reporting by Adrian Krajewski; Editing by Matt Driskill

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