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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
REFINING
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
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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