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September 19, 2022

PKN Orlen looking to buy stake in Germany’s PCK Schwedt refinery

The move follows Germany’s decision to place the PCK Schwedt refinery under a trusteeship.

Polish refiner PKN Orlen is considering acquiring controlling stake in the PCK Schwedt refinery in Germany, which has been placed under a trusteeship by Germany, reported Reuters citing sources in Berlin and Warsaw.

Last week, Germany’s Federal Network Agency placed Russian oil giant Rosneft’s German subsidiaries – RN Refining & Marketing and Rosneft Deutschland, under fiduciary management to reduce oil imports from Russia.

As a result, Federal agency now assumes control of the Rosneft Deutschland’s refineries including PCK Schwedt, MiRo in Karlsruhe, and Bayernoil in Vohburg.

Rosneft Deutschland amounts to around 12% of German oil processing capacity.

Polish refiner’s press office was quoted by the news agency as saying: “We are monitoring the situation in the region.”

The landlocked refinery, which was majority-owned by Rosneft, also supplies parts of Poland.

The refinery, which supplies 90% of Germany’s fuel, has received all its crude from Russia via the Druzhba pipeline since its commissioning in 1960s.

A spokesperson for the economy ministry was cited by the news agency as saying last week that the PCK Schwedt refinery can continue to operate at reduced capacity.

Shell, which holds a 37.5% stake in Schwedt refinery, said it was unaffected by the Germany’s decision, reported Reuters.

Shell said in an emailed statement: “Shell remains unaffected by this order as a 37.5% shareholder in PCK Schwedt and will continue to comply with its contractual obligations in accordance with its own shares.”

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