Saudi Arabia has purchased a share in a Polish refinery to boost its downstream presence and crude consumers in Eastern Europe. Aramco has agreed to buy a 30% investment in a 210,000-bpd refinery in Gdansk, Poland, as well as a 100% stake in an associated wholesale business and a 50% stake in jet fuel marketing joint venture with BP, from Polish refiner and fuel retailer PKN Orlen.

The deals are subject to regulatory clearances, including the European Commission, the EU’s executive agency.

In a statement, Aramco said: “The investments will widen Aramco’s presence in the European downstream sector and further expand its crude imports into Poland, which aligns with PKN Orlen’s strategy of diversifying its energy supplies.”

Aramco has also inked an MoU with PKN Orlen and SABIC, one of the world’s leading petrochemicals companies, to explore cooperative potential in Poland and other Central and Eastern European countries.

Commenting, the President of the PKN Orlen Management Board, Daniel Obajtek, said: “Such international partnerships are essential for building the largest multi-utility group in this part of Europe.”

Poland has been seeking to diversify its energy sources away from Russia for years, and Polish energy companies have recently inked a number of agreements for oil supply from Middle Eastern producers and LNG cargoes from the United States.