Germany puts Rosneft Deutschland under trusteeship

Rosneft Deutschland accounts for about 12% of Germany's oil processing capacity and is one of the largest oil processing companies in the country, the ministry said. The landlocked Schwedt refinery is Germany's fourth-largest, supplying 90% of the capital's fuel, and has received all its crude from Russia via the Druzhba pipeline since the plant was built in the 1960s.


Reuters | Berlin | Updated: 16-09-2022 10:37 IST | Created: 16-09-2022 10:33 IST
Germany puts Rosneft Deutschland under trusteeship
Russian oil giant Rosneft (File photo) Image Credit: ANI
  • Country:
  • Germany

Germany put under trusteeship on Friday the German subsidiary of Russian oil giant Rosneft , handing to the federal regulator control of the PCK refinery in Schwedt that is a key source of fuel for Berlin.

The refinery, until now majority-owned by Rosneft, has tested Germany's resolve to eliminate imports of oil from Russia by the end of the year, under European sanctions to punish Moscow for its invasion of Ukraine. "With the trusteeship, the threat to the security of energy supply is countered and an essential foundation stone is set for the preservation and future of the Schwedt site," the economy ministry said in a statement.

Chancellor Olaf Scholz, Economy Minister Robert Habeck and Brandenburg's state premier will unveil details of the Rosneft Deutschland package at 1.30 p.m. (1130 GMT), it added. Rosneft Deutschland accounts for about 12% of Germany's oil processing capacity and is one of the largest oil processing companies in the country, the ministry said.

The landlocked Schwedt refinery is Germany's fourth-largest, supplying 90% of the capital's fuel, and has received all its crude from Russia via the Druzhba pipeline since the plant was built in the 1960s. The government's move to put Rosneft Deutschland in the hands of the Federal Network Agency regulator follows a similar move by Berlin with SEFE, formerly known as Gazprom Germania, which came under trusteeship after Gazprom ditched it in April.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback