Germany Takes Over Rosneft subsidiary, Securing Control of Key Refinery

The German government has taken over the Russian oil giant Rosneft’s subsidiary in Germany, an action aimed at securing critical energy supplies as Europe moves toward a ban on Russian imports of crude later this year, the economy ministry said on Friday.

The move to place Rosneft Deutschland in a trust for at least six months is aimed at ensuring the continued operation of Rosneft’s three refineries in Germany, including PCK Schwedt, which supplies gas, heating oil and jet fuel to the city of Berlin and nearby areas, the government said.

Altogether, the refineries provide around 12 percent of the country’s crude oil processing capacity, making Rosneft Deutschland one of the largest oil-processing companies in Germany, the government said.

Article source: https://www.nytimes.com/2022/09/16/business/germany-takes-over-russian-oil-subsidiary-securing-control-of-key-refinery.html