Polish firm wants to take over Rosneft's former stake in German refinery: Reuters, citing sources

Polish refiner PKN Orlen is funny successful taking a controlling involvement successful the PCK Schwedt refinery that Germany has placed nether a trusteeship, efficaciously removing power from Russia's Rosneft, sources successful Berlin and Warsaw acquainted with the substance told Reuters connected Friday.

Warsaw said earlier this twelvemonth that ending Russian ownership of the refinery was a information for perchance supplying it with sea-borne lipid via a terminal successful Gdansk and via Polish pipelines to regenerate Russian crude.

State-controlled PKN Orlen declined to comment, saying it announces planned oregon implemented projects and investments erstwhile decisions are made.

"We are monitoring the concern successful the region," the refiner's property bureau said successful effect to a question from Reuters.

Poland's clime ministry and the German system ministry were not disposable for comment.

The refinery, which was majority-owned by Rosneft, has been investigating Germany's resoluteness to destruct imports of lipid from Russia by the extremity of the twelvemonth nether European sanctions to punish Moscow for its penetration of Ukraine.

Germany needs Polish enactment to proviso the refinery via Gdansk. Schwedt besides supplies parts of Poland.

The landlocked refinery is the root of 90% of Berlin's substance and has received each its crude from Russia via the Druzhba pipeline since the works was built successful the 1960s.

The refinery, brought nether authorities power nether Germany's vigor information law, tin proceed to run but not astatine afloat capacity, a spokesperson for the system ministry said connected Friday.

Poland earlier this twelvemonth offered to allocate capableness astatine its lipid terminal successful Gdansk and said it could vessel crude lipid via its pipelines from the larboard to Germany connected the information Rosneft was removed arsenic an proprietor of Schwedt.

"There's a question if Schwedt refinery would set to non-Russian crude without losses connected accumulation yields, but if this is an opportunistic bargain it mightiness beryllium worthy considering," Michal Kozak, elder equity expert astatine Trigon brokerage told Reuters.