Germany transfers Rosneft Deutschland under guardianship

Germany transferred the Rosneft refinery under guardianship

The company’s logo hangs at the PCK refinery, which is majority owned by Russia’s Rosneft, in Schwedt, Brandenburg, Germany, June 9, 2022. REUTERS/Michele Tantussi/File Photo

Register now and get FREE unlimited access to Reuters.com

BERLIN, Sep 16 (Reuters) – Germany put up for auction the German subsidiary of Russian oil giant Rosneft (ROSN.MM) into custody on Friday, transferring control of the PCK refinery in Schwedt, a key source of fuel for Berlin, to the federal regulator.

The refinery, which until now has been majority-owned by Rosneft, has been a test of Germany’s determination to stop importing oil from Russia by the end of the year in line with European sanctions meant to punish Moscow for its incursion into Ukraine. read more

“Thanks to the guardianship, the threat to the security of the energy supply has been eliminated, and an important foundation has been laid for the preservation and future of the Schwedt site,” the economy ministry said in a statement.

Register now and get FREE unlimited access to Reuters.com

The landlocked Schwedt refinery is Germany’s fourth largest, supplying 90% of the capital’s fuel, and since the plant was built in the 1960s, all oil has come from Russia via the Druzhba pipeline.

Friday’s move is accompanied by a “comprehensive package” designed to enable oil supplies to Schwedt via alternative routes, the ministry said in a statement.

As part of the trust management, the Federal Grid Agency is also acquiring Rosneft Deutschland’s shares in the MiRo and Bayernoil refineries in Karlsruhe and Voburg, respectively.

The ministry added that Chancellor Olaf Scholz, Economy Minister Robert Habeck and Prime Minister Brandenburg will present details of the package at 13:30 (1130 GMT).

According to the ministry, Rosneft Deutschland accounts for about 12% of Germany’s refining capacity and is one of the country’s largest refineries.

The government’s move to place Rosneft Deutschland in the hands of the Federal Network Agency follows a similar move by Berlin regarding SEFE, formerly known as Gazprom Germania, which came under trusteeship after Gazprom abandoned it in April.

Register now and get FREE unlimited access to Reuters.com

Reporting by Paul Carrel; Edited by Clarence Fernandez and Kenneth Maxwell

Our standards: Thomson Reuters Trust Principles.

.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Previous Post
Clinical Trial Management Systems Market by Analysis of Leading Service Providers – World News Report
Blog

Clinical Trial Management Systems Market by Analysis of Leading Service Providers – World News Report

Next Post
Germany transfers Rosneft Deutschland under guardianship
Blog

Germany transferred the Rosneft refinery under guardianship

Leave a Reply

Your email address will not be published. Required fields are marked *