Saudi Aramco announced on 30 November the finalization of three transactions with Poland’s PKN Orlen which were originally agreed on in January (MEES, 14 January). The transactions see Aramco take a 30% stake in a 210,000 b/d refinery at Gdansk, Poland (net 70,000 b/d), “100% in an associated wholesale business; and 50% in a plane fuel marketing joint venture with BP Europa SE.” The finalization followed the completion of PKN Orlen’s merger with compatriot Grupa Lotos.
The firms also entered into a crude oil sales agreement, through which Aramco will supply approximately 45% of PKN Orlen’s crude oil requirements. The Polish firm earlier this year put the volume of this at 200-337,000 b/d. PKN Orlen’s Q3 crude throughput was 10.5mn tons (830,000 b/d), so a 45% stake would equate to some 370,000 b/d. Figures from data intelligence firm Kpler show that PKN Orlen’s imports of Saudi crude have been increasing significantly but at 200,000 b/d for the past three months there could still be more gains to come. (CONTINUED - 223 WORDS)