Germany takes control of stakes in Rosneft oil refineries

20 September 2022
 Germany takes control of stakes in Rosneft oil refineries

The German government has taken temporary control of two subsidiaries of the Russian energy giant Rosneft

The move by the government puts it in charge of Rosneft's stakes in three refineries in the country.

This includes a key facility in the northeast of the country which supplies around 90% of Berlin's fuel, and in which Rosneft held a majority stake.

Germany's economy ministry said the move was necessary to counteract an impending threat to energy security.

In a similar move in April, Germany took control of subsidiaries of Russian gas giant Gazprom.

On Friday, the German government handed control of the PCK Schwedt refinery in Brandenburg to the national energy regulator, along with stakes in two other refineries in the south of the country.

The economy ministry said the move was necessary because critical service providers and customers were no longer willing to work with Rosneft, putting the continued operation of the refineries under threat.

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The Schwedt refinery is Germany's fourth-largest and is the main supplier of petrol, diesel and aviation fuel for Berlin and the surrounding area. Rosneft has a 54% stake in the facility.

The refinery has received all its crude from Russia via the Druzhba pipeline since it was built in the 1960s. Parts of western Poland are also supplied by Schwedt.