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Poland's Lotos Group finds valuable Baltic Sea oil deposits
Sep 5, 2006, 14:26 GMT
Warsaw - Poland's Lotos Group fuels company has discovered two oil deposits deep below the Baltic Sea floor totalling an estimated 16 million cubic meters, worth 8 billion dollars, Polish Radio reported Tuesday.
The company intends to begin extraction from the two deposits in 2008 and 2011, according to a company spokesman.
Lotos Group is majority-owned by the Polish State Treasury. Its PetroBaltic oil and gas exploration company made the discovery.
It comes at a time when Poland's state-owned refiners are looking for alternatives to Russian crude oil and natural gas supplies, upon which EU newcomer Poland remains heavily reliant.
The bid to diversify supplies is part of a drive by the right-wing Law and Justice (PiS) government to improve Poland's energy security.
© 2006 dpa - Deutsche Presse-AgenturCOMMENT
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