Rosneft: replacement of Russian oil at the refinery in Schwedt will lead to a sharp increase in fuel prices
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The transition of the PCK refinery in Schwedt, Germany, from pipeline deliveries of Russian Urals oil to grades shipped by other routes, will lead to a sharp rise in fuel prices, a shareholder of the Rosneft refinery believes. The Russian company expects that the loss from the operation of the plant in this mode will be about €300 million per year.
The main shareholders of the PCK refinery are Rosneft (54.17%) and Eni (8.33%). Shell agreed to sell a 37.5% stake, but the deal was not closed. The plant’s capacity is about 12 million tons of oil per year.
“Replacing even a part of Russian supplies will lead to underloading of the plant and a sharp increase in the cost of petroleum products, the shortage of which is already a serious threat to the German consumer market,” Rosneft told Reuters.
Almost the entire volume of oil to the plant goes through the Druzhba pipeline. The only alternative is the German port of Rostock. In early August, the refinery for the first time accepted a batch of American oil grade Mars. Rosneft believes that the pipeline from the port “makes it possible to load the RSC only by half.”
The European Union is reducing oil supplies from Russia against the backdrop of a military operation in Ukraine, which has been carried out since February 24 by order of President Vladimir Putin. At the end of May, the EU countries managed to agree on an embargo, it will come into effect by the end of 2022 with some exceptions.
On the consumption of gas and oil in the world – in the material “Kommersant” “Law of communicating energy resources”.
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