(MENAFN) According to the CEO of Polish state oil firm PKN Orlen, the company is losing a staggering USD27 million each day due to the price difference between cheap Russian oil and more expensive sources. This comes as Poland had pledged to stop importing Russian oil by the end of 2022, which has resulted in the oil purchased by PKN Orlen now being priced USD30 higher per barrel than before, as reported by the Financial Times. Despite the ban on Russian crude hurting the company's coffers, PKN Orlen wants even stricter sanctions applied.
Although the EU has prohibited seaborne oil imports from Russia, it has exempted Russian crude oil transported along the Druzhba pipeline. This pipeline links the Russian heartland with Ukraine, Belarus, Poland, Hungary, Slovakia, the Czech Republic, Austria, and Germany. Despite Poland being one of the most vocal supporters of an EU-wide ban on Russian energy, PKN Orlen has continued to purchase Russian oil for domestic consumption via the Druzhba line. In fact, the company even sued the pipeline's Russian operator, Tatneft, in March when the flow stopped due to nonpayment. This suggests that PKN Orlen is committed to reducing its reliance on Russian oil, even if it means incurring significant financial losses.
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