Aramco In Poland Crude-For-Hsfo Swap Deal

Saudi Aramco’s trading subsidiary on 11 April signed an agreement with Polish refiner PKN Orlen under which Aramco will provide it with Saudi crude in exchange for “a similar volume” of high sulfur fuel oil (HSFO).

PKN Orlen is already an Aramco crude customer under an earlier agreement for 74,000 b/d. EU import stats for 2018 indicate that the company took 42,000 b/d to Poland where it operates 327,000 b/d of refining capacity and 24,000 b/d to Lithuania where it operates the country’s sole 205,000 b/d refinery (see chart, MEES, 12 April ). Both countries took record Saudi volumes in 2018 as they sought to diversify away from dominant supplier (and geopolitical rival) Russia. The latest agreement suggests that volumes will rise further. (CONTINUED - 358 WORDS)