External management is introduced for at least six months based on the energy security law.
The German federal government decided to transfer the assets of Rosneft’s German subsidiaries, especially the shares of three oil refineries, under the external control of the Federal Network Agency BNetzA. This was reported on the German government website.
BNetzA acquired temporary control over Rosneft Deutschland GmbH (RDG) and RN Refining & Marketing GmbH (RNRM) and shares in three refineries: PCK Schwedt (Schwedt), MiRo (Karlsruhe) and Bayernoil (Voburg).
The purpose of taking control of Rosneft’s German assets is to operate the Schwedt refinery near the Polish border, which provides bulk aviation fuel for the Berlin airport and fuel for vehicles in the region.
The business, until now controlled by the Russians, has traditionally relied on the Druzhba oil pipeline from Russia to supply crude products.
“The decision is accompanied by a comprehensive package for the future, which will provide a transformational push for the region and support the refinery to ensure oil supply through alternative supply routes,” the ministry said.
Rosneft is the third largest refining company in the German market with a share of more than 12%.
External management is introduced for at least six months based on the energy security law.
“The reason for the introduction of external administration is that the continuation of the economic activities of these refineries is threatened due to their ownership structure. The main suppliers of critical services – insurers, companies of IT and banks, as well as customers no longer want to cooperate with Rosneft – or with oil refineries in which Rosneft owns shares, or with Rosneft’s German subsidiaries RDG and RNRM .
In April, external management was introduced at Gazprom’s German subsidiary, Gazprom Germania. This company manages Germany’s critical gas infrastructure.
It was previously reported that from September this year Kazakhstan intends to sell part of its oil that bypasses Russia – through Azerbaijan’s largest oil pipeline. According to the International Energy Agency, the Russian Federation lost two billion dollars in revenue from oil exports a month.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.