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PKN Orlen Skeptical of Kazakh Druzhba Supply to Poland

REFINING

Poland's PKN Orlen expects demand and margins for refined products to weaken this year in Europe despite Russian flows being curtailed.

  • It forecasts it's refining margins to fall to around $11/bl later in 2023 from the current level of around $19/bl because of a slowing economy and new refining capacity coming online in the US, the Mideast Gulf, Asia-Pacific and Africa.
  • PKN Orlen has faced weaker refined product demand in its key markets in Poland, the Czech Republic, Germany and Lithuania since Q4 of last year.
  • The refiner voiced scepticism over the possibility of importing Kazakh crude to Poland through the Druzhba pipeline, saying they are concerned such supply may be Russian crude provided by Kazakh producers through swap deals.

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