Polands Unimot bets on EU embargo to boost diesel sales in Germany

div classBodysc17zpet90 cdBBJodivpWARSAW Reuters – Polish energy group Unimot 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.p

pThe 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.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pUnimot, a trader of motor fuels and electricity, last month rented a terminal in Gulfhavn in Denmark to import nonRussian diesel into Europe. The terminal‘s capacity can cover Poland’s import needs for diesel and offers additional trading opportunities, the company said. “Weve 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. p

pUnimot said it couldnt estimate how much diesel it would place in Germany given an uncertain future of Rosneftowned PCK Schwedt refinery in eastern Germany. p

pBerlin 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.”p

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pp Reporting by Marek Strzelecki, Editing by Louise Heavensp

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