Polish company wants Rosneft’s former stake in PCK Schwedt refinery: Reuters

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

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Polish refiner PKN Orlen is interested in taking a controlling stake in the PCK Schwedt refinery that Germany puts under a trust, effectively removing control from Russia’s Rosneft, sources in Berlin and Warsaw familiar with the matter told Reuters on Friday.

Earlier this year, Warsaw said ending Russia’s ownership of the refinery was a condition for being able to supply the refinery with seaborne oil through a terminal in Gdansk and via sea routes. Polish pipeline to replace Russian crude.

The state-controlled PKN Orlen declined to comment, saying it would announce planned or implemented projects and investments when a decision is made.

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

Poland’s Climate Ministry and Germany’s Economy Ministry were unavailable for comment.

The Rosneft-owned refinery has largely tested Germany’s resolve to phase out oil imports from Russia by the end of the year under European sanctions to punish Moscow for its aggression in Ukraine.

If this is an opportunistic buy, it might be worth considering.

Michal Kozak

Senior equity analyst, Trigon

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

The inland refinery supplies 90% of Berlin’s fuel and has received all its crude oil from Russia via the Druzhba pipeline since it was built in the 1960s.

The refinery, which is placed under state control under Germany’s energy security law, can continue to operate but not at full capacity, a spokesman for the Economy Ministry said on Friday.

Earlier this year, Poland offered to allocate capacity at its oil port in Gdansk and said it could ship crude through pipelines from the port to Germany on the condition that Rosneft is removed from its status as the owner. owned by Schwedt.

“There is a question as to whether the Schwedt refinery will adjust to non-Russian crude without a loss in output, but if this is an opportunistic buy it could be worth it.” look,” Michal Kozak, senior equity analyst at brokerage Trigon told Reuters.

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