October 4, 2022
Polish firm PCK wants Rosneft’s old stake in Schwedt refinery: Reuters

The German government placed the PCK refinery in Schweidt, Brandenburg, under trusteeship. Now Reuters reports that Polish refiner PKN Orlen wants to take part of the facility owned by Russia’s Rosneft.

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Polish refiner PKN Orlen is interested in taking a controlling stake in PCK Schwedt refinery, which Germany has placed under a trusteeship, effectively taking control away from Russia’s Rosneft, sources in Berlin and Warsaw told Reuters on Friday. Familiarize yourself with the matter.

Warsaw said earlier this year that there was a plan to end Russian ownership of the refinery to replace Russian crude through a terminal in Gdansk and potentially supply it with marine oil through Polish pipelines. were laid.

State-controlled PKN Orlen declined to comment, saying it announces projects and investments planned or implemented when it makes a decision.

“We are monitoring the situation in the area,” the refiner’s press office said in response to a question from Reuters.

Poland’s climate ministry and German economy ministry were not available for comment.

The refinery, which was majority-owned by Rosneft, is testing Germany’s resolve to end oil imports from Russia by the end of the year under European sanctions to punish Moscow for its invasion of Ukraine.

If this is an opportunistic buy it may be worth considering.

Michal Kozaki

Senior Equity Analyst, Trigon

Germany needs Polish support to supply the refinery through Gdansk. Schwedt also supplies parts of Poland.

The landlocked refinery sources 90% of Berlin’s fuel and has received all its crude from Russia via the Druzhba pipeline since the plant’s construction in the 1960s.

A spokesman for the economy ministry said on Friday that the state-controlled refinery under Germany’s energy security law could continue to operate, but not at full capacity.

Poland earlier this year offered to allocate capacity at its oil terminal in Gdansk, saying it could ship crude from the port to Germany via its pipelines, provided Rosneft was removed as owner of Schweidt. have gone

Michal Kozak, senior equity analyst at Trigon Brokerage, told Reuters: “There is a question whether the Schwedt refinery will adjust to non-Russian crude without losses on production yields, but if it is an opportunistic buy it may be worth considering.” Is.”

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