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- Berlin took control of Rosneft's German assets in September 2022 in the wake of Russia's invasion of Ukraine, including a 54.17% stake in the PCK Schwedt refinery, which supplies Berlin and is co-owned by Shell (SHEL.L) and Eni (ENI.MI).
Sep 16, 2022 · Under Friday's deal, Rosneft Deutschland, which was majority owned by the Russian oil group and accounts for about 12% of German oil processing capacity, is being placed under the trusteeship of...
- 1 min
- Markus Wacket,Paul Carrel
Mar 7, 2024 · Germany extended its trusteeship over Rosneft's local units for a third time on Thursday, stopping short of expropriating the Russian oil giant which has launched an attempt to sell its German...
Mar 1, 2024 · In the wake of Russia's invasion of Ukraine, Berlin put Rosneft assets in Germany, including Berlin's main PCK refinery, under a trusteeship in September 2022. The trusteeship has been extended...
- Overview
- Transition to clean energy
Germany is taking control of three Russian-owned refineries in the country to ensure energy security before an embargo on oil from Russia takes effect next year, officials said Friday.
Two subsidiaries of Russian oil giant Rosneft — Rosneft Deutschland GmbH and RN Refining & Marketing GmbH — will be put under the administration of Germany's Federal Network Agency, the economy ministry said in a statement.
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As a result, the agency will also control the companies' shares in the refineries PCK Schwedt, MiRo and Bayernoil, located in the east and south of Germany.
"This is a far-reaching energy policy decision to protect our country," German Chancellor Olaf Scholz said. "We've long known that Russia isn't a reliable supplier of energy anymore."
Scholz said a 1-billion-euro (dollar) aid package would secure jobs for about 1,200 people currently working at the PCK refinery in Schwedt and help with its long-term transformation as part of the transition toward a green economy.
Economy Minister Robert Habeck said the refinery would in the future receive oil through a pipeline from the port city of Rostock and via neighboring Poland, which had refused to provide supplies as long as there was a risk that Rosneft might profit from them.
Russia on August 31 stopped delivering gas to Europe through the Nord Stream 1 pipeline that supplies much of western Europe, claiming a two-day shutoff was necessary for maintenance work. The pipeline, which runs directly to Germany and supplies much of Western Europe with natural gas, remains shut.
The move has increased pressure on the continent's largest economy as it prepares for a winter of energy rationing that could squeeze households and German industry.
- 3 min
Sep 16, 2022 · Rosneft owns 28% and 24% stakes respectively. Germany needs to stop Russian oil imports by the end of the year under European sanctions imposed over Russia's invasion of Ukraine.
The Rosneft subsidiaries own a refinery at Schwedt, on the Polish border northeast of Berlin, which provides petroleum products for the capital and much of northeastern Germany. Until the end of 2022, it largely processed Russian oil.
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Sep 16, 2022 · Two subsidiaries of Russian oil giant Rosneft — Rosneft Deutschland GmbH and RN Refining & Marketing GmbH — will be put under the administration of Germany’s Federal Network Agency, the Economy Ministry said in a statement.
