Germany transfers Rosneft Deutschland under guardianship

Germany transfers Rosneft Deutschland 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

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BERLIN, Sep 16 (Reuters) – Germany transferred custody of the German subsidiary of Russian oil giant Rosneft on Friday (ROSN.MM)handing over control of the PCK refinery in Schwedt, a key fuel source 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.

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

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 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.

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

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Reporting by Paul Carrel; Editing by Clarence Fernandez

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