WOOD Flash – European energy: Europe without Russian oil products
From 8 February 2023, the import of refined products into the EU from Russia will be banned, with a small number of exceptions. Russia has been supplying as much as 450kbpd of diesel to the European market, along with smaller volumes of other refined products and feedstock. We expect the sanctions to be supportive for diesel prices for three reasons:- First, diesel from Russia will no longer be available in the EU, and will need to be replaced. The marginal barrel will at least need to travel from further afield.
- Second, the feedstock that Russian refineries usually sell is used by European refiners to boost diesel output. The loss of these will reduce Europe’s overall diesel output.
- Third, for semi-finished products, Russia may not be able to find alternative buyers, so this may decrease production volumes at Russian refineries further. There have been media reports that Russia is planning to increase crude exports for this reason.
Autohellas is a Hertz national franchisee. Co. is engaged in the rent-a-car segment, comprising of renting (short-term lease) and fleet management (long-term lease and fleet management) in Greece, Bulgaria, Cyprus, Romania, Serbia and Montenegro. Renting covers the needs of both individuals and companies for occasional, small duration rentals up to 1 year long.
OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).
Polski Koncern Naftowy Orlen's activities are divided into three main business segments: the Refining Segment that comprises crude oil processing as well as wholesale and retail trade in refinery products. The Petrochemical Segment that encompasses production and sale of petrochemicals and chemicals. The Retail Segment that comprises of sales at petrol stations. Co.'s basic products include gasolines, diesel oils, light heating oil, Jet fuel, liquid gas, polyetylene, polypropylene, benzene, butadiene, acetone, phenol, glycols, toluen, ortoxylene.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
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