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Poland’s Orlen Lays Out Red Lines For Buying Stake in German Schwedt Refinery

July 3, 2023
in Business
Poland’s Orlen Lays Out Red Lines For Buying Stake in German Schwedt Refinery
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Poland’s largest oil company may buy a stake in an east German refinery only after the government in Berlin decides to dump Russia’s biggest crude producer as its shareholder, PKN Orlen SA Chief Executive Officer Daniel Obajtek said.

Author of the article:

Bloomberg News

Bloomberg News

Maciej Martewicz

Published Jul 03, 2023  •  3 minute read

5j4a3290om(9qlnjnqnq9]ju_media_dl_1.png 5j4a3290om(9qlnjnqnq9]ju_media_dl_1.png Source: Orlen annual report

(Bloomberg) — Poland’s largest oil company may buy a stake in an east German refinery only after the government in Berlin decides to dump Russia’s biggest crude producer as its shareholder, PKN Orlen SA Chief Executive Officer Daniel Obajtek said.

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The ultimatum follows months of speculation that Orlen is looking at investing in the PCK facility in Schwedt to ensure supplies to its own gas-station network in neighboring Germany and help with deliveries to the domestic market.

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The main sticking point is the ownership of the plant. Even after the German authorities took operational control of PCK, Rosneft PJSC still holds a 54% stake, with Shell Plc and Eni SpA the remaining shareholders. 

“We don’t want to enter into any relationship with investors from the East,” Obajtek said in an interview on June 27. “This issue needs to be first resolved by the German side.”

Germany, which has been a target of barbs from the Polish government for its past energy policies toward Russia, adopted a law this year that would allow it to seize Rosneft assets, but is yet to start that process. 

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The government in Berlin is open to an offer from Poland, but has no immediate plans to sell Rosneft shares, people familiar with the matter said. Instead, it’s likely to renew the temporary trusteeship adopted in September, according to people, who declined to be named because the talks are private.  

Read: Germany, Kazakhstan Sign Deal for Oil Supply to Schwedt Refinery

The Schwedt refinery, which supplies the bulk of fuels for Berlin, had been operating at up to 60% capacity earlier this year after losing its main route for Russian oil supplies. Deliveries have been helped by a link with the Polish port of Gdansk and an agreement with Kazakhstan for 100,000 tons of crude a month.

“In the case of the Schwedt refinery, we should assess its impact on the Polish market in the future and analyze the sense of such investment from this point of view,” Obajtek said. The company is “always interested” in investing in projects that would benefit its business and doesn’t rule out expanding its portfolio in “many areas, including refining,” he added.

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Can’t Stand Still

State-run Orlen, which more than doubled its operations since the start of last year after taking over Poland’s Grupa Lotos SA and PGNiG SA, is seeking to invest 320 billion zloty ($78 billion) this decade. It already has refineries in Poland, Lithuania and the Czech Republic.

Mergers so far were estimated to bring about 10 billion zloty in synergies, but the CEO said the final number will be higher. The company, which pledged to pay dividend every year while keeping its financial ratios at a “safe” level, plans to invest 36 billion zloty this year and a “similar or slightly higher” amount in 2024. 

The expansion comes against the backdrop of European Union plans to ban the registration of new combustion engine cars from 2035. Orlen recently decided to drop reference to oil production from the company’s name to underline a planned switch to cleaner energy with a focus on low-emission power production, natural gas and the petrochemical business. 

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The company and its partners are developing small nuclear reactors, or SMRs, with plans to build the first unit in 2029 in a bid to replace aging coal-fired plants in Poland. It’s also building its first offshore wind farm and is analyzing the next investments on the Baltic Sea after winning five new licenses.

At the same time, Orlen continues to expand its fuel business in an effort to beef up its regional presence.

“I believe we should increase the number of gas stations in the region in boost our competitiveness.”  Obajtek said. “We’re developing, that’s why our appetite for further acquisitions isn’t getting smaller. The company of this size can’t afford to stand still and we’re analyzing various options at home and abroad.”

—With assistance from Petra Sorge.

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