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Germany puts Rosneft refinery unit under trusteeship

Rosneft Deutschland GmbH, the German subsidiary of Russian oil giant Rosneft has been put under trusteeship on Friday by the German government, handing control of the PCK refinery in Schwedt, a key source of fuel for Berlin, to the federal regulator.

“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 German Economy Ministry said in a statement.

BREAKING: Germany has taken control of Rosneft Deutschland, the German operations of the Russian energy giant.

— The Spectator Index (@spectatorindex) September 16, 2022

Germany’s fourth-largest refinery, Schwedt, is supplying 90 percent of the capital’s fuel and has received all its crude oil from Russia via the Druzhba pipeline since the plant was built in the 1960s.

Friday’s move is accompanied by a “comprehensive package” designed to ensure oil can be supplied to Schwedt via alternative routes, the ministry said.

Chancellor Olaf Scholz, Economy Minister Robert Habeck and the head of Brandenburg’s government are set to unveil details of the package later on Friday, the ministry added.

Trusteeship

With the trusteeship, the Federal Network Agency regulator also takes over Rosneft Deutschland’s shares in the MiRo and Bayernoil refineries, in Karlsruhe and Vohburg respectively.

The German 🇩🇪 gvmt @BMWK just announced that Rosneft Germany will be put under trusteeship of the 🇩🇪 grid regulator @bnetza. This is a further step to assuring our energy security. We will support the transformation of the affected refinery locations.👇https://t.co/EqathWjue1

— Jörg Kukies (@joergkukies) September 16, 2022

Rosneft Deutschland accounts for about 12 percent of Germany’s oil processing capacity and is one of the largest oil processing companies in the country, according to the economy ministry.

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


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