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MNI BRIEF: EU Auditors Warn On NGEU Absorption Delays
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EU Refiners Have Reduced Russian Crude Feedstock in 2023
Russian crude feedstock supplies to Finland's Neste and Poland's Orlen have fallen from over 50% in 2022 to nearly zero in 2023 with supplies diversified to seaborne deliveries according to Bloomberg.
- Poland had pledged to halt Russian oil supplies by the end of 2022 and in April 2023 PKN Orlen terminated an oil supply contract with Russia's Tatneft. PKN Orlen now sources oil from Western Africa, the Mediterranean, the Gulf and the Gulf of Mexico.
- Hungary's Mol and Orlen's Czech refineries continue to receive Russian crude through the Druzhba pipeline as their landlocked positions make them more vulnerable. Both have a long-term goal of eliminating Russian crude by 2025.
- Refiners Tupras, Helleniq Energy and Motor Oil Hellas in the Med have limited exposure to Russian crude although Tupras purchases Russian Urals at a deep discount to aid the refining margin.
Source: Bloomberg
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Why MNI
MNI is the leading provider
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