Page 8 - DMEA Week 23 2022

DMEA COMPANIES DMEA

PKN Orlen and Aramco near petchem deals

MIDDLE EAST POLISH refiner PKN Orlen anticipates the bpd of crude from Aramco, meaning that Saudi
imminent announcement of petrochemical crude could account for up to 45% of PKN’s total
projects in collaboration with Saudi Aramco feedstock, with flows to be directed to refiner-
following last week’s completion of its merger ies including those at Kralupy and Litvinov in
with compatriot Grupa Lotos. the Czech Republic, Mazeikiai in Lithuania and
The projects will be worth “several billion US Plock and Gdansk in Poland.
dollars” and will be executed with Saudi Aramco The Economist Intelligence Unit (EIU)
as well as its subsidiary Saudi Basic Industries expects total Polish petroleum product demand
Corp. (SABIC), PKN Orlen CEO Daniel Oba- to rise by around 4% this year to reach 633,000
jtek told Polish state news agency PAP on June 8. bpd, with transportation accounting for nearly
PKN Orlen and Saudi Aramco were brought two thirds of this.
together by the Polish company’s plans to take The sale of the stake in the refinery allowed
over peer Lotos. the planned merger between the Polish compa-
In January, Aramco agreed a deal with Grupa nies to proceed, in compliance with judgement
Lotos that included a 30% stake in the 210,000 from the European Commission.
barrel per day (bpd) Lotos Asfalt refinery in Meanwhile, in order to satisfy European anti-
Gdansk at a cost of $255mn as well as 100% of trust legislation, Hungary’s MOL agreed to buy
wholesale business Lotos SPV 1 for $250mn, 417 Lotos fuel stations for $610mn and signed a
and 50% in the Lotos-Air BP Polska jet fuel long-term fuel supply deal with PKN for its new
marketing joint venture with BP for an undis- Polish retail network.
closed fee. In return, MOL will sell 185 fuel stations in
PKN also signed a deal for 200,000-337,000 Hungary and Slovakia to PKN for $259mn.™

Refinery Gross Capacity (kbpd) Equity Net Capacity (kbpd)
Equity
200
Jazan* Gross Capacity (kbpd) 100.0% Net Capacity (kbpd)
Refinery
200
Equity
Refinery Gross Capacity (kbpd) 100.0% Net Capacity (kbpd)
Ras Tanura
200
200
550
100.0%
Jazan*
550
Jazan* 200 100.0% 200
550
130
100.0%
100.0%
550
130
Riyadh
Ras Tanura
100.0%
Ras Tanura
550
305
SASREF 305 100.0% 550
130
130
100.0%
Riyadh
Riyadh 130 100.0% 130
305
100.0%
250
SASREF
250
305
Yanbu'
100.0%
305
SASREF 1,435 100.0% 1,435
305
250
Yanbu'
Domestic Wholly-Owned
250
100.0%
Yanbu' 1,435 100.0% 1,435
250
250
400
Domestic W
PetroRabighholly-Owned
150
37.5%
Domestic Wholly-Owned 1,435 50.0% 1,435
37.5%
400
400
PetroRabigh
150
200
SAMREF
150
37.5%
50.0%
SAMREF
SATORP
200
400
400
PetroRabigh 460 62.5% 287.5
200
SAMREF 400 50.0% 268.75
SATORP
430
YASREF
62.5%
62.5%
287.5
460
287.5
460
SATORP 1,690 62.5% 906.25
430
268.75
62.5%
YASREF
Domestic JVs
280
430
70
25.0%
Domestic JVs
Fujian (FREP) 1,690 62.5% 268.75
YASREF
906.25
1,690
Domestic JVs Gross Capacity (kbpd) Equity Net Capacity (kbpd)
Refinery
906.25
Hyundai Oilbank
Fujian (FREP)
70
110.5
17.0%
25.0%
280
650
Aramco’s international Fujian (FREP) 280 100.0% 72.765
70
25.0%
200
200
110.5
650
17.0%
7.7%
945
Idemit
Hyundai Oilbank
Jazan*su
refining joint ventures.
550
110.5
Hyundai Oilbank 650 100.0% 66.305
550
17.0%
Showa She
Ras Tanurall
445
945
Idemitsu
72.765
14.9%
7.7%
7.7%
Idemitsu 945 100.0% 72.765
445
635
Showa Shell
14.9%
66.305
100.0%
Riyadh
130
130
Motiva
635
445
635
305
14.9%
50.0%
100.0%
305
635
150
PRefCh
SASREFem†
Motiva 300 100.0% 66.305
Showa Shell
100.0%
Yanbu'
PRefCh
250
635
250
Motivaem† 635 100.0% 412.104
50.0%
300
669
150
S-Oil
61.6%
300
150
PRefChem† 1,435 35.0% 412.104
50.0%
300
61.6%
669
1,435
105
Domestic Wholly-Owned
Panjin†
S-Oil
37.5%
63
150
61.6%
210
S-Oil 300 35.0% 412.104
Lotos Asfalt †
400
669
105
30.0%
PetroRabigh
Panjin†
105
Panjin† 300 35.0% N/A
N/A
63
50.0%
200
400
210
300
30.0%
SAMREFfalt †
Lotos As
MRPL †
63
Lotos Asfalt † 210 30.0% 287.5
N/A
N/A
460
230
300
N/A
62.5%
SATORP
MRPL †
N/A
Duqm†
300
268.75
430
N/A
N/A
YASREF
International JVs 4,964 62.5% 1,684.67
MRPL †
N/A
230
N/A
Duqm†
N/A
Duqm† 8,089 N/A 4,025.92
230
4,964
1,690
Domestic JVs
906.25
Total
1,684.67
International JVs
International JVs 8,089 25.0% 4,025.92
1,684.67
4,964
70
280
Fujian (FREP)
Total
Source: IGM Energy
Total
Hyundai Oilbank 8,089 17.0% 4,025.92
650
110.5
* Not yet operating at full capacity (400kbpd)
Source: IGM Energy
Idemitsu 945 7.7% 72.765
Source: IGM Energy
† Subject to comple�on of commercial arrangements or construc�on
* Not yet operating at full capacity (400kbpd)
Showa Shell 445 14.9% 66.305
* Not yet operating at full capacity (400kbpd)
† Subject to comple�on of commercial arrangements or construc�on
Motiva 635 100.0% 635
† Subject to comple�on of commercial arrangements or construc�on
PRefChem† 300 50.0% 150
S-Oil 669 61.6% 412.104
300
35.0%
P8 Panjin† www. NEWSBASE .com 105 Week 23 09•June•2022
210
63
30.0%
Lotos Asfalt †
MRPL † 300 N/A N/A
Duqm† 230 N/A N/A
International JVs 4,964 1,684.67
Total 8,089 4,025.92
Source: IGM Energy
* Not yet operating at full capacity (400kbpd)
† Subject to comple�on of commercial arrangements or construc�on