The German federal government put PCK refinery in Schwedt, Brandenburg, under trusteeship. Now Reuters reports that Polish refiner PKN Orlen wishes to take control of the part of the center owned by Russia’s Rosneft.
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Polish refiner PKN Orlen has an interest in taking a managing stake in the PCK Schwedt refinery that Germany has actually put under a trusteeship, successfully getting rid of control from Russia’s Rosneft, sources in Berlin and Warsaw acquainted with the matter informed Reuters on Friday.
Warsaw stated previously this year that ending Russian ownership of the refinery was a condition for possibly providing it with sea-borne oil by means of a terminal in Gdansk and by means of Polish pipelines to change Russian crude.
State- managed PKN Orlen decreased to comment, stating it reveals prepared or executed jobs and financial investments when choices are made.
“We are monitoring the situation in the region,” the refiner’s press workplace stated in action to a concern fromReuters
Poland’s environment ministry and the German economy ministry were not readily available for remark.
The refinery, which was majority-owned by Rosneft, has actually been checking Germany’s willpower to remove imports of oil from Russia by the end of the year under European sanctions to penalize Moscow for its intrusion of Ukraine.
If this is an opportunistic get it may be worth thinking about.
Michal Kozak
senior equity expert, Trigon
Germany requirements Polish assistance to provide the refinery by means ofGdansk Schwedt likewise provides parts of Poland.
The landlocked refinery is the source of 90% of Berlin’s fuel and has actually gotten all its crude from Russia by means of the Druzhba pipeline because the plant was integrated in the 1960 s.
The refinery, brought under state control under Germany’s energy security law, can continue to run however not at complete capability, a representative for the economy ministry stated on Friday.
Poland previously this year provided to assign capability at its oil terminal in Gdansk and stated it might deliver petroleum by means of its pipelines from the port to Germany on the condition Rosneft was gotten rid of as an owner of Schwedt.
“There’s a question if Schwedt refinery would adjust to non-Russian crude without losses on production yields, but if this is an opportunistic buy it might be worth considering,” Michal Kozak, senior equity expert at Trigon brokerage informed Reuters.
