Saudi Aramco is considering selling some of its assets in Poland, and one possible scenario involves disposing of its stake in Rafineria Gdańska. The Saudi oil giant is said to have commissioned JPMorgan Chase to assess the market and gauge interest among potential buyers. No final decisions have been made, however, and according to people familiar with the matter, the more likely option may be the sale of a company involved in the wholesale fuel trade.
Reports about a possible reduction in Saudi Aramco’s operations in Poland were published by Rzeczpospolita on 23 October. According to the newspaper’s findings, the company is examining the possibility of selling some of its domestic assets, while talk of ownership changes is becoming increasingly common in the fuel industry. The businesses in question are those Saudi Aramco acquired in connection with the 2022 merger between Orlen and the Lotos Group.
According to people who spoke to Rzeczpospolita, Saudi Aramco commissioned JPMorgan Chase to assess the market for a potential asset sale. A shortlist of three potential buyers is said to have been drawn up. It is not known which companies are being considered, however, and the market assessment itself does not mean that a transaction will necessarily take place.
– No decisions have been made yet – one of the newspaper’s sources stressed.
Saudi Aramco’s three Polish assets
Saudi Aramco is present in Poland in three main segments of the fuel market. The company owns 100 per cent of Aramco Fuels Poland, which specialises in wholesale fuel distribution; 50 per cent of Air BP Aramco Poland, which operates in the aviation fuel market; and 30 per cent of Rafineria Gdańska. The remaining 70 per cent of the refinery belongs to Orlen.
The Saudis’ entry into the Polish market was part of the ownership changes associated with the merger between Orlen and Lotos. The European Commission made its approval of the merger conditional on the sale of certain assets to limit the risk of excessive concentration in the fuel market. To fulfil these commitments, Saudi Aramco acquired a stake in the refinery and the remaining components of the Polish fuel business.
Rafineria Gdańska is the most strategically significant asset. The agreement with Saudi Aramco went beyond the purchase of a 30 per cent stake. The company also obtained rights relating to the offtake of part of the refinery’s output and the trading of its products. Any change in ownership would therefore have to take account not only of the value of the shares themselves, but also of commercial links and the terms of cooperation with Orlen.
The 2022 transaction has been controversial in Poland from the outset, particularly in relation to the valuation of the assets sold and energy security. The Supreme Audit Office also addressed the issue, pointing to an undervaluation of the stake in Rafineria Gdańska of approximately PLN 5 billion. A potential sale of Saudi Aramco’s stake would once again raise questions about the value of this strategic facility and the future balance of power in Poland’s fuel market.
Sale of Aramco Fuels Poland considered more likely
According to information reported by Rzeczpospolita, two main scenarios are being considered. The first would involve Saudi Aramco withdrawing completely from Poland and selling all its assets. The second would entail reducing its presence in the market by disposing of selected companies.
According to the newspaper’s sources, the second scenario is currently more likely. The main focus is said to be Aramco Fuels Poland, whose revenue reached PLN 18.2 billion in 2025. This is a substantial distribution business, and selling it would allow the company to reduce the scale of its operations in Poland without having to dispose of its refinery stake at the same time.
Not all the sources quoted by Rzeczpospolita, however, agree that the potential transaction would be limited to this single company.
– At this stage, the discussion concerns the wholesale company Aramco Fuels Poland. I have not heard that a sale of the stake in Rafineria Gdańska is also being considered at present – said one source connected with the oil market.
Another source cited by the newspaper suggests that a broader sale, including the refinery stake, may also be under consideration. One argument supporting this scenario is the shortlist of potential asset buyers reportedly prepared by JPMorgan Chase. By the time the article was published, however, it had not been possible to establish which entities were on the list.
EU regulations could accelerate changes
One reason for reviewing the Polish assets is said to be the new EU obligations concerning corporate reporting and accountability in the area of environmental, social and governance matters, collectively known as ESG. These regulations may impose additional administrative, reporting and organisational requirements on large international groups.
According to information cited by Rzeczpospolita, the rules covering the largest companies are particularly significant. These include entities employing more than 5,000 people and generating net revenue exceeding €1.5 billion. For Saudi Aramco, complying with the new requirements may necessitate changes to the structure of its European operations.
– The Saudis want to avoid this, and there are two options on the table – said a newspaper source familiar with the matter.
The first option would involve obtaining an exemption from the new regulations, which would require the European Commission’s approval. According to Rzeczpospolita, the Polish authorities have already begun efforts in this regard. The second scenario would involve concentrating the company’s European operations on the most profitable areas in order to reduce the scale of its regulatory obligations.
Under this scenario, the sale of selected Polish subsidiaries could form part of a broader adjustment of the company’s operations to the new regulatory environment. There is, however, no confirmation that EU regulations are the sole reason for reviewing the Polish assets.
– We see this as a market assessment and an attempt to establish the value of the assets, and perhaps also as a way of putting some pressure on the European Commission over these regulations. Talks with the Saudis take place regularly, and this issue of leaving Poland has not really come up before – said a source from government circles quoted by Rzeczpospolita.
Poland is part of a global asset review
A potential sale of the Polish companies would not necessarily mean that Saudi Aramco has changed its assessment of the prospects for the domestic fuel market. The company is conducting a broader review of its international investment portfolio.
In June, Reuters reported that Saudi Aramco was reviewing assets estimated to be worth approximately $50 billion. Potential transactions reportedly included stakes in companies linked to the sulphur sector, export terminals, energy and water infrastructure, and real estate.
The aim of such measures would be to release some capital and concentrate resources on investments the company considers priorities. The review of its Polish assets could therefore form part of a global portfolio restructuring exercise rather than represent a separate decision focused exclusively on Poland.
The outcome could have implications for both Orlen and the future of Rafineria Gdańska. If the refinery stake were sold, the key considerations would include not only the price and the identity of the new investor, but also the terms governing crude oil supplies, product offtake and Saudi Aramco’s existing commercial rights.
According to sources quoted by Rzeczpospolita, any potential ownership changes are not directly linked to the crude oil supply agreement with Orlen. Crude oil is still expected to be delivered to the Polish company despite disruptions in September associated with attacks on Saudi Arabia’s East West pipeline.
Government and Orlen decline to comment on potential sale
Rzeczpospolita approached Saudi Aramco with questions about the reasons for a possible reduction in its Polish operations and the potential sale of its domestic companies. The company declined to comment. The Ministry of State Assets, the Ministry of Energy and JPMorgan Chase also did not respond to the newspaper’s questions.
Orlen, which remains Saudi Aramco’s partner in Rafineria Gdańska, stated only that it “does not comment on the activities of other entities operating in the market”.
It therefore remains unclear whether the potential transaction would involve only Aramco Fuels Poland or also include the stake in the Gdańsk refinery. The identities of potential buyers and the timing of any possible sale have also not been confirmed.
