Poland’s PKN Orlen ends final Russian oil contract penalty-free, CEO confirms
PKN Orlen no longer has oil contracts with Russian Tatneft (Photo:PKN ORLEN via Facebook)
The Polish state oil and gas company PKN Orlen has terminated its last oil contract with Russian Tatneft without paying any penalty sanctions, Reuters reported on April 5, citing a statement from the company’s CEO Daniel Obajtek.
Oil supplies via the Druzhba pipeline were halted a day after Poland delivered its first Leopard tanks to Ukraine in February 2023.
Obajtek said that there are currently no existing oil contracts with Russia, as the Rosneft contract was not renewed after its January expiry, the Tatneft agreement was terminated when the oil flow stopped, and Poland ended these contracts without any penalties.
Poland has been actively diversifying its oil supply sources, with the share of Russian oil in the country’s balance dropping from almost 100% in 2015 to 60% in 2021.
The company had already abandoned importing Russian oil by sea well before the start of Russia’s full-scale war against Ukraine, and thus much earlier than when the European Union imposed sanctions.
At present, PKN Orlen sources its oil from the North Sea deposits, countries in West Africa, the Mediterranean Basin, as well as the Persian and Mexican Gulf.
The oil company Saudi Aramco is an important partner of the concern, with whom PKN Orlen has entered into a strategic contract for the supply of crude oil in 2022.
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