Germany extends its control over Russian Rosneft's subsidiaries again

Berlin, 8 September (CTK) - The German government will retain control over the German subsidiaries of Russian state-owned oil company Rosneft and its stakes in three German refineries. Today, it extended the trusteeship imposed in September 2022 by another six months, until 10 March next year. The economy ministry said so.

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 end on Wednesday.

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 entire 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.

In March, the German economy ministry said that Rosneft was beginning the process of selling its German assets, with the aim of completing the sale by September.