Russian oil giant Rosneft plans to sell its German assets, according to German government

Russian oil giant Rosneft is launching the process of selling its German assets and aims to complete the sale by September. Germany’s economy ministry announced this today. In response to Russia’s military invasion of Ukraine, the German government took temporary control of Rosneft’s German assets, placing them under trusteeship in September 2022.

„The Russian company Rosneft has now said that it has begun the sale process and wants to complete it during the next period of trusteeship,“ the economy ministry said, according to Reuters.

The trusteeship was initially set for six months, after which the government repeatedly extended it for additional six-month periods. The current six-month trusteeship period ends on March 10. In February this year, reports emerged that the German government was considering nationalizing the assets, prompting a negative reaction from the Kremlin.

„We will announce any decision in due course, including an extension of the trusteeship,“ the German ministry said.

According to Bloomberg, its statement today suggests that nationalizing the assets is not currently the preferred option.

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 facility 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.