MOL positioned as strong candidate for Saudi Aramco's Polish refinery stake

Saudi Aramco has engaged JPMorgan Chase to evaluate possible exits from its Polish portfolio, and three suitors have been named, with MOL highlighted as a strong contender alongside BP and Shell. MOL's interest focuses on the 30% stake in the Gdańsk oil refinery and the associated fuel wholesaler, assets that would complement its existing Polish network of over 400 service stations bought in 2022 for more than USD 600 million.

Securing the refinery share could allow MOL to supply its stations directly, enhancing its supply chain and moving into refining operations. The remaining 70% of the refinery is owned by state-controlled Orlen, which faces restrictions on repurchasing the Saudi portion, and the European Commission previously required asset disposals to preserve competition after the Orlen-Lotos merger. Polish authorities are likely to scrutinise any new investor for energy-security reasons.

MOL is also eyeing a purchase of the Russian-owned stake in Serbia's NIS, meaning a successful double expansion would boost its Central-European presence but also raise financing and regulatory challenges. At present, Saudi Aramco is still weighing its options and no transaction has been confirmed.