(OilPrice) Poland's state-owned Grupa Lotos oil refiner is the latest to benefit from the “Buffet Effect”.
Lotos received a major boost this week when investor extraordinaire Warren Buffet’s CalEnergy announced it was teaming up with the refiner to explore Baltic Sea gas.
CalEnergy Resources Poland, part of Buffet’s Berkshire Hathaway company, will join forces with Lotos Petrobaltic, a subsidiary of Grupa Lotos. The announcement caused Lotos’ stock prices to soar immediately.
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It is a major boost in confidence for Lotos, which has taken this opportunity to announce that drilling will begin already next year.