Poland's Unimot bets on EU embargo to boost diesel sales in Germany

Unimot SA

24/05/2022 10:55

WARSAW, May 24 (Reuters) - Polish energy group Unimot
 UNTP.WA  is expanding international trading as it seeks to
import diesel to Germany amid potential European Union sanctions
on Russian oil and refined products, chief executive said on
Tuesday.
    The European Union is discussing an embargo on Russian oil
and refined products in response to the conflict in Ukraine.
Most EU states would have to fully implement it within months of
its adoption.
    Unimot, a trader of motor fuels and electricity, last month
rented a terminal in Gulfhavn in Denmark to import non-Russian
diesel into Europe. The terminal's capacity can cover Poland's
import needs for diesel and offers additional trading
opportunities, the company said.   
    "We've invested in the Danish terminal and we are now
waiting for the EU sanctions, it will be a key driver of our
earnings in 2023." Chief Executive Adam Sikorski told a chat
with investors on Tuesday.  
    Unimot said it couldn't estimate how much diesel it would
place in Germany given an uncertain future of Rosneft-owned
 ROSN.MM  PCK Schwedt refinery in eastern Germany. 
    Berlin is seeking alternative options for ownership and
logistics for the refinery that is set to cut runs based on
Russian crude.   
    "The European Union is importing 3 million tons of Russian
diesel every month and Germany is very dependent on it,"
Sikorski said. "The Danish terminal will help us supply the fuel
to Germany, that's is also why we're opening a Swiss office in
Geneva."

 (Reporting by Marek Strzelecki, Editing by Louise Heavens)
 ((Marek.Strzelecki@thomsonreuters.com;))