Germany extends its control over Russian Rosneft's subsidiaries

Berlin, March 6 (CTK correspondent) – The German government will retain control over the German subsidiaries of Russian state-owned group Rosneft and its stakes in three German refineries for now. Today, it extended the trusteeship imposed in September 2022 by a further six months, until September 10 this year. DPA reported this, citing a statement from the economy ministry.

The German government took control of Rosneft’s German assets following Russia’s invasion of Ukraine in February 2022. The existing trusteeship was due to expire on Monday. „Ensuring security of supply remains essential for the federal government,“ said Michael Kellner, state secretary at the economy ministry. He said the extension would also safeguard jobs.

Rosneft’s German assets include the PCK refinery in Schwedt in the east of the country, in which the Russian group holds a majority stake of 54 percent. The company supplies oil to the capital, Berlin, and the surrounding region. Rosneft holds minority stakes in the MiRo refinery in Karlsruhe and the Bayernoil refinery in Vohburg, alongside other major oil companies from Western countries. Before 2022, Rosneft therefore controlled twelve percent of Germany’s oil refining capacity.

The PCK refinery in Schwedt had long processed oil from the Druzhba pipeline. Germany stopped importing Russian oil at the beginning of 2023. In March last year, the German economy ministry said Rosneft was beginning to sell its German assets.