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Poland's PKN says paid RBS Polish unit $259 mln for oil reserves

Reuters - UK Focus

WARSAW, Jan 30 (Reuters) - Poland's largest oil refiner PKN Orlen has paid 959 million zlotys ($259 million) to Neon Poland, a special purpose vehicle controlled by the local unit of Royal Bank of Scotland (LSE: RBS.L - news) , for certain oil reserves.

The deal comes after the expiry of a deal with Neon Poland under which PKN maintained the reserves and bought their oil output.

PKN was obliged to make the purchase because the Polish state orders oil and gas groups to maintain set amounts of reserves for the sake of energy security. ($1 = 3.7200 zlotys) (Reporting by Adrian Krajewski; Editing by David Holmes)