Polish Orlen charter ships that previously transported oil from Russia – Kommersant
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The Polish petrochemical concern Orlen has chartered about ten tankers over the past three months, used to deliver Russian oil to Asia, to deliver Arab oil on the way back to its facilities in Lithuania and Poland. This was reported Reuters with reference to two traders and data from LSEG. Orlen said that their activities related to the supply of oil do not violate the sanctions in force against Russia.
Before the outbreak of hostilities in Ukraine, Poland was one of the largest importers of Russian oil in Europe. However, on February 25 Russia stopped export oil to Poland. Orlen compensated deliveries from Russia with oil from the Middle East.
According to traders, many large European companies refuse to use ships calling at Russian ports due to sanctions risks. Tankers that have become less in demand on the market are being chartered by Orlen at attractive rates, the agency’s interlocutors say. Reuters writes, citing LSEG data, that over the past three months, Orlen has chartered at least ten ships to deliver oil from the Middle East to Polish Gdansk and Lithuanian Butinge. Earlier, tankers called at the Russian ports in the Baltic Sea, Primorsk and Ust-Luga.
Orlen’s chartered vessels include Waikiki, Bonita, Nissos Serifos, Nissos Delos, Calida, Anafi Warrior, Ark, Lovina and Botafogo, which are managed by Greek shipowners, the largest of which are TMS Tankers and Kyklades Maritime, according to Refinitiv, cited by the agency. .
Thus, on May 23, the Nissos Serifos tanker loaded about 100 thousand tons of Urals oil in the port of Primorsk, supplied by the Russian state oil and gas company Zarubezhneft. After that, the oil was delivered to the port of Mundra in India. On the way back on July 22, in the port of Sidi Kerir, the ship loaded 100,000 tons of Arab Light grade oil produced in Saudi Arabia for delivery to the Polish port of Gdansk.
Orlen Reuters said they are not involved in the transportation of Russian oil. Every ship Orlen works with is checked for any violations of Russian oil sanctions, the company said.
When asked if Orlen had chartered vessels carrying Russian oil on its way back from Asia, the company’s representatives replied: “Orlen does not comment on commercial matters and the details of its cooperation with business partners. All our activities, including those related to the supply of crude oil, do not violate the existing sanctions.”
The use of tankers operated by non-Russian shipping companies, but delivering Russian oil and oil products, is not a violation of the sanctions. Sanction restrictions regulate only the cost of oil from Russia. In December 2022, the European Union and the G7 countries introduced a price limit for oil from Russia – it cannot be sold above $60 per barrel. From February 5, 2023, there is also a ceiling of $100 and $45 per barrel (for products that are traded at a premium and a discount to oil, respectively). However, according to Bloomberg, a number of Western companies buys Russian Urals oil above the established price ceiling.
Read more about the situation on the oil market – in the material “Kommersant” “Compound Sentence”.
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