Expropriation of Rosneft subsidiaries
Poland apparently demands PCK nationalization
12/12/2022 12:52 p.m
In the future, the Schwedt refinery is to receive oil deliveries via the Polish port of Gdansk. Warsaw, however, rejects this as long as the plant is still owned by the Russian group. Until March, the work is still under German trusteeship. But that’s not enough for Poland.
According to a report, preparations are underway in the federal government for an expropriation of the German subsidiary of the Russian oil company Rosneft. In doing so, the federal government would meet the demands of the Polish government, which, according to the “Handelsblatt”, has demanded the expropriation of Rosneft Germany as a condition for oil deliveries from Poland to the PCK refinery in Schwedt, Brandenburg. Rosneft Germany is the majority shareholder of PCK. A spokeswoman for the Ministry of Economic Affairs did not want to comment on the report in the “Handelsblatt”.
To date, PCK has mainly been supplied with Russian crude oil. From January, the German government will ban oil supplies from Russia, so the PCK refinery will need oil from Poland from January. However, the Polish government requires the expropriation of Rosneft Germany, reports the “Handelsblatt” with reference to Polish and German government circles.
The Polish side last made this point clear during a talk in Berlin on Thursday. A spokeswoman for the Federal Ministry of Economics said: “We are now evaluating the talks within the federal government and are currently expecting a decision by the end of the week.”
Orlen would take Shell’s stake
According to the “Handelsblatt” it is not enough for Poland that the federal government placed Rosneft Germany under trusteeship in September. The trust administration would expire in March. According to government representatives, it is conceivable that Poland will agree to deliveries via Gdańsk from January and the expropriation of Rosneft Germany will take place after March, the newspaper said.
The PCK refinery is the most important supplier of petroleum products such as petrol and diesel in the Berlin-Brandenburg area. Oil deliveries to PCK via Rostock are planned from January. These would not completely replace Russian oil supplies. Therefore, according to those involved in the negotiations, further deliveries are needed via the Polish port of Gdansk, reports the “Handelsblatt”. The background is the boycott of Russian deliveries decided in the EU in view of the Russian war against Ukraine.
According to “Handelsblatt” information, Poland has expressed an interest in entering PCK itself via the Polish oil company Orlen. Accordingly, there are talks that Orlen could take over Shell’s 37.5 percent stake. The British group has wanted to get rid of this for a long time, but Rosneft Germany has had a right of first refusal so far. According to insiders, this has now expired in the opinion of Shell, according to the newspaper. According to the “Handelsblatt”, representatives of Orlen were also present during the conversation. Polish negotiating circles consider expropriation to be necessary even if Orlen takes over the Shell stake.