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PKN Orlen To Cut Russian Oil Share To 10% From Feb

OIL

Poland’s PKN Orlen will continue to buy Russian oil via pipeline flows in the coming months at a reduced share, a company executive said.

  • "As of February, only about 10% of oil processed by the group refineries, will be coming from Russia," Grzegorz Markiewicz, executive director of trading at PKN Orlen said.
  • Orlen’s supply contract with Rosneft expires this month while one contract with Tatneft will continue from February.
  • President Vladimir Putin signed a decree banning from 1 Feb oil exports to countries observing a price cap on Russian seaborne crude agreed last month by the G7 nations and allies, including Poland.
  • Poland previously declared it will stop buying Russian oil entirely if EU sanctions are widened to include pipeline oil supplies.
Energy BulletsCommodities
Energy BulletsCommodities

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