• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 6 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 2 hours So the President is on that Hydroxy
  • 8 mins Russia loses its chance to capture the EU gas market
  • 4 mins 60 mph electric mopeds
  • 5 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 24 mins Payback Time: Republican Senators turn the tables on Democrats. The difference is the Republican investigations are legit.
  • 3 hours Why 2030-Isn.t-The-Magic-Year-For-Electric-Vehicles
  • 5 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 7 hours DEFIANCE – There are More of Us Than Them
  • 2 hours Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 18 hours Iran's first oil tanker has arrived near Venezuela
  • 3 hours Oil Capex Proportions
  • 11 hours Let’s Try This....
Oil Rally Stalls On Demand Concerns

Oil Rally Stalls On Demand Concerns

Oil prices came under pressure…

Europe Set To Unveil Its $500 Billion 'Green Deal'

Europe Set To Unveil Its $500 Billion 'Green Deal'

Against the chaotic backdrop of…

Poland Reduces Russian Oil Import Dependence, At A Cost

Poland reduced last year the share of its imports of Russian oil to the lowest level since 2005, but the diversification of oil supplies came at a higher cost for imports from other countries, according to a report by Poland’s central bank published on Tuesday.

In 2017, the share of Russian oil in Polish imports dropped to 76 percent, compared to 96 percent back in 2012, according to the central bank report, as carried by Reuters.

Yet the bid for energy independence came at higher import costs for Poland, because Russian oil prices averaged $59.70 a barrel in December 2017, compared to $60.20 per barrel for oil from Kazakhstan and $65.60 per barrel for U.S. oil, the central bank’s report showed.

Refiners in Poland process mostly Russian oil via pipelines, but in 2017, every third barrel of oil that Poland imported was shipped, according to the report.

Poland’s state-run refiners PKN Orlen and Lotos boosted purchases of non-Russian oil last year.

PKN Orlen signed in 2016 a long-term supply contract with Saudi Aramco with provisions for automatic annual renewal, with which the Saudi oil giant entered the Baltic oil supply market. The oil is processed by all PKN Orlen's refineries in Poland, the Czech Republic, and Lithuania.

Related: Trump Tears Up The Iran Deal

Two weeks ago, PKN Orlen said that it would increase purchases of Saudi Arabia’s Extra Light by 100,000 tons to 300,000 tons per month.

Another Polish refiner, Lotos, signed in December 2017 a forward contract for the supply of U.S. oil to its refinery in Gdansk. Under the contract, at least five U.S. oil cargoes will be delivered by sea this year.

“The contract will certainly contribute to building Poland’s energy independence and strengthening its energy security. Consistent diversification of energy supply sources is one of the priorities of the Ministry of Energy’s policy, and business decisions made by state-owned companies are a vital element of its implementation,” Energy Minister Krzysztof Tchórzewski said.

Every fifth barrel of oil processed by the Lotos refinery is imported from sources other than Russia, according to the company, which said that it had also processed oil from Iran, Saudi Arabia, Latin America, and North and West Africa.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Krzysztof on January 12 2019 said:
    If Poland will not stopped import of energy resources from Russia then will be always addicted and involved in Russia Soviet policy zone. Polish people had always loved independence especially from their neighbours.
  • yeah yeah on June 01 2018 said:
    Yeah yeah, but russian oil is bad quality so it produces less fuel.
  • Brains B4 Emotions on May 09 2018 said:
    If the Polish people actually like paying higher prices for energy etc than necessary, then I have a bridge in Brooklyn that I would like to sell to them. Obviously, a bunch of anti-Russian Polish bureaucrats and politicians made these decisions. Too bad for Polish consumers who will have to pay the bill and for the Polish economy as a whole.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News