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Industry News » Saudi Aramco buys stake In refinery In Russia’s backyard

Saudi oil giant Aramco has signed a deal with Polish refiner and fuel retailer PKN Orlen to buy 30 % in a 210,000-bpd refinery in Gdansk, Poland, 100 % in an associated wholesale business, and 50 % in a jet fuel marketing joint venture with BP, the world’s largest oil company and top oil exporter said on Wednesday.

The acquisitions are subject to regulatory approvals, including one from the European Commission, the executive branch of the European Union, Aramco added.

Aramco has also signed a memorandum of understanding (MoU) with PKN Orlen and SABIC, one of the world’s largest petrochemicals companies, to explore joint opportunities in Poland and elsewhere in Central and Eastern Europe.

Poland has been seeking for years to diversify its energy supplies away from Russia, and Polish energy firms have signed in recent years various deals for oil supply from Middle Eastern exporters and LNG cargoes from the United States.

Saudi Aramco’s refinery deal in Poland will help the Saudi oil giant to ?strengthen its position in a region traditionally dominated by Russian crude,? Bloomberg Intelligence analysts Salih Yilmaz and Rob Barnett wrote in a note.

    

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