Poland’s biggest oil company expanding operations

PKN Orlen SA, Poland’s biggest oil company, is expanding its Canadian and Polish operations through two $392 million acquisitions, taking advantage of plunging crude prices.

The company plans to buy Kicking Horse Energy Inc. for $273 million to increase its Canada production by 4,000 barrels of oil equivalent, or about 60 percent.

It also agreed to purchase Salt Lake City-based FX Energy Inc. in a $119 million deal, including debt. FX Energy, which focuses its operations on Poland, will give Orlen its first domestic upstream production.

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