(46 PLN, 0,35%) announced it may buy crude oil from Canada or Venezuela this year as part of its efforts to reduce it’s current dependence on Russian oil according to Polish business daily Parkiet. aims to diversify its crude oil purchases so that no more than 60% should be sourced from one country by 2012 and after that this ratio should dip below 50%. As a part of its diversification efforts, the company already bought crude oil shipments from Kuwait last year and from the U.K. and Venezuela earlier this year.
Our view: We see the news as neutral. has already announced earlier it plans to reduce the dependence on Russian oil. These steps show that the company is on the right track.