Germany takes control of 3 Russian-owned oil refineries

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 on Friday.

The Economy Ministry said in a statement that Rosneft Deutschland GmbH and RN Refining and Marketing GmbH will be put under the administration of Germany's Federal Network Agency.

As a result, the agency will also control the companies' shares in three refineries: PCK Schwedt, MiRo and Bayernoil, located in the east and south of the country.

Rosneft accounts for about 12 per cent of Germany's oil refining capacity, importing several hundred million euros' (dollars') worth of oil from Russia every month, the ministry said.

It said the move would help ensure continued energy supplies and was initially due to last for six months.

Rosneft had previously made clear it had no intention to end the import of Russian oil, despite a looming EU embargo coming into force on January 1, 2023.

The ministry said a long-term plan will also be announced for the future of the PCK refinery in Schwedt, which employs about 12,000 people and provides petroleum products to much of northeastern Germany including Berlin.

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