Saudi Aramco is reviewing its Polish assets and may sell its 30 percent stake in Rafineria Gdańska, according to reports in Rzeczpospolita and WNP.
The state-owned oil giant has not made a final decision but is considering a partial or full divestment, including its shares in Aramco Fuels Poland, as part of a broader strategy to raise capital. JPMorgan Chase has been tasked with assessing market interest, with a shortlist of potential buyers already compiled, Polish business media reported.
Analysts cited by Rzeczpospolita and WNP identify Hungary’s MOL as the most likely suitor, with BP and Shell also seen as possible contenders. Michał Kozak of DM Trigon said MOL’s existing fuel distribution network in Poland makes it a natural fit, while Piotr Dzięciołowski of Citi Handlowy noted that refining assets remain cash-flow positive for years to come.
Saudi Aramco’s entry into Poland in 2022 was tied to the European Commission’s conditions for Orlen’s acquisition of Lotos, which required divesting 30 percent of the Gdańsk refinery’s capacity to a competitor. The deal was controversial from the start, with Poland’s Supreme Audit Office questioning the valuation and prosecutors opening an investigation into the terms.
Any sale of the refinery stake would require government approval, as the Ministry of State Assets confirmed that acquisitions of significant shareholdings in strategic companies must be notified and can be blocked under Polish law. The ministry did not specify a timeline for a decision.
The potential divestment aligns with Aramco’s recent asset sales, including SABIC’s European petrochemical business for $950 million and plans to sell its sulfur business, as the company seeks up to $50 billion to fund Saudi Arabia’s economic diversification.
