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POLSKI KONCERN NAFTOWY ORLEN SPÓ?KA AKCYJNA

(PKN)
  Report
Delayed Warsaw Stock Exchange  -  12:05 2022-09-23 pm EDT
55.06 PLN   -5.72%
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Exclusive-Poland will only supply Germany's Schwedt refinery if Rosneft removed as shareholder

09/22/2022 | 12:52pm EDT
FILE PHOTO: The PCK oil refinery in Schwedt, Germany

WARSAW/BERLIN (Reuters) - Poland will only help supply oil to Germany's PCK Schwedt refinery if Russia's Rosneft is completely removed as a shareholder, Poland's climate ministry said, raising pressure on Germany to completely nationalise the refiner.

Germany took control of the Schwedt refinery, which was majority owned by Rosneft Deutschland, last Friday as Berlin strives to shore up energy supplies. It put Rosneft Deutschland under a trusteeship of the German industry regulator but Rosneft still holds 54% of the company's shares.

The German economy ministry is in talks with potential buyers, including a Polish company, two government sources in Berlin said. Reuters reported last week that Poland's top refiner PKN Orlen is interested in buying a controlling stake in Schwedt, which supplies 90% of Berlin's fuel.

Berlin is aiming to meet its European Union commitment to eliminate Russian oil imports by the end of the year, a move triggered by Russia's invasion of Ukraine.

The Schwedt refinery previously received most of its crude from Russia and Berlin is now looking to other countries to supply Schwedt.

"In Polish-German technical talks on additional oil supplies for Germany that are underway, the Polish side is declaring that potential help is possible under condition that Rosneft Deutschland is removed from the list of shareholders of PCK Schwedt," Polish climate ministry said in response to Reuters questions.

Germany's economy minister Robert Habeck said last week that talks with Poland on supplying oil for Schwedt were very advanced. Talks with Poland continue, his ministry said on Thursday.

"Our Polish friends have welcomed the decision to put Rosneft Deutschland under trusteeship. This gives us new opportunities for cooperation and we are happy to continue our talks," a spokeswoman at the economy ministry said.

Rosneft has said it could go to court to challenge Berlin's decision to take the firm's German subsidiary under trusteeship.

(Reporting by Marcus Wacket and Marek Strzelecki; Editing by Susan Fenton)

By Markus Wacket and Marek Strzelecki


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -3.99% 86.71 Delayed Quote.15.96%
POLSKI KONCERN NAFTOWY ORLEN SPÓ?KA AKCYJNA -5.72% 55.06 Delayed Quote.-25.93%
ROSNEFT OIL COMPANY -3.77% 351.2 End-of-day quote.-41.46%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.42% 57.675 Delayed Quote.-20.07%
WTI -5.01% 79.304 Delayed Quote.5.25%
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Financials
Sales 2022 194 B 39 773 M 39 773 M
Net income 2022 12 402 M 2 541 M 2 541 M
Net Debt 2022 16 352 M 3 350 M 3 350 M
P/E ratio 2022 2,32x
Yield 2022 6,36%
Capitalization 34 492 M 7 067 M 7 067 M
EV / Sales 2022 0,26x
EV / Sales 2023 0,31x
Nbr of Employees 35 424
Free-Float 64,3%
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Number of Analysts 8
Last Close Price 55,06 PLN
Average target price 88,20 PLN
Spread / Average Target 60,2%
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Managers and Directors
Zofia Maria Paryla Chief Executive Officer
Jan Wlodzimierz Szewczak Chief Financial Officer
Wojciech Jasinski Chairman-Supervisory Board
Józef Wegrecki Chief Operating Officer & Head-Operations
Malgorzata Erlich-Smurzynska Director-Financial Control, Risk & Compliance