Germany takes control of Rosneft’s operations

Germany takes control of Rosneft’s operations

Germany takes control of Rosneft’s operations

Berlin said on Sept. 16 it had taken control of the German operations of Russia firm Rosneft, which runs several refineries, to secure energy supplies which have been disrupted after Moscow invaded Ukraine.

Rosneft’s German subsidiaries, which account for about 12 percent of oil refining capacity in the country, were placed under trusteeship of the Federal Network Agency, the Economy Ministry said in a statement.

“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.

The landlocked Schwedt refinery is Germany’s fourth-largest, supplying 90 percent 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.

Sept 16’s move is accompanied by a “comprehensive package” designed to ensure oil can be supplied to Schwedt via alternative routes, the ministry said.

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 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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