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Poland losing billions over Russian oil ban – FT Forced to seek out more expensive sources, Warsaw’s state-owned oil company is losing $27

 
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05/07/2023 03:48 PM
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Poland losing billions over Russian oil ban – FT Forced to seek out more expensive sources, Warsaw’s state-owned oil company is losing $27
Polish state oil firm PKN Orlen is forfeiting $27 million per day due to the price difference between cheap Russian oil and more expensive sources, its CEO told the Financial Times on Sunday. Despite Warsaw’s ban on Russian crude hurting its coffers, the company wants even stricter sanctions applied.

Poland pledged last March to stop importing Russian oil by the end of 2022. For PKN Orlen, this means that the oil it buys is now priced $30 higher per barrel than before, CEO Daniel Obajtek told the newspaper.

“I wouldn’t call it a loss,” he insisted. “This is a market cost that applies to every company that does not import oil from Russia.”

While the EU has banned seaborne oil imports from Russia, it has so far exempted Russian crude oil transported along the Druzhba pipeline – which links the Russian heartland with Ukraine, Belarus, Poland, Hungary, Slovakia, the Czech Republic, Austria, and Germany.

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05/07/2023 03:57 PM
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Re: Poland losing billions over Russian oil ban – FT Forced to seek out more expensive sources, Warsaw’s state-owned oil company is losing $27
Fuck Poland





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