BERLIN, Feb 28 (Reuters) - The German government has placed the German units of Russia's Rosneft under a trusteeship, the economy ministry said on Saturday, as Berlin seeks to establish long-term
Berlin Places Rosneft Units Under Trusteeship to Safeguard German Energy Assets
German Government Actions on Rosneft Units
Background and Initial Trusteeship
BERLIN, Feb 28 (Reuters) - The German government has placed the German units of Russia's Rosneft under a trusteeship, the economy ministry said on Saturday, as Berlin seeks to establish long-term control over the German assets of the Russian oil group.
The assets, which include a stake in the PCK Schwedt refinery, were placed in the German government's trusteeship in 2022 after Moscow's invasion of Ukraine shook Germany's decades-long energy ties with Russia.
Trusteeship Renewal and Energy Security
However, that trusteeship has to be renewed every six months on grounds of preserving energy security, creating uncertainty mainly over the PCK Schwedt refinery, which supplies most of the fuel to Berlin.
Structural Solutions and Regulatory Control
In its attempt to find a structural solution, the latest move puts Rosneft Deutschland (RDG) and RN Refining & Marketing (RNRM) under the control of Germany's Bundesnetzagentur energy regulator, said the ministry.
Scope of Regulatory Authority
The regulator will assume authority over the companies’ stakes in the PCK Schwedt, MiRO Karlsruhe and Bayernoil refineries.
European Commission Approval
The European Commission had earlier this month approved the new trusteeship structure.
Impact on German Oil Processing and Supply
Rosneft Deutschland accounts for around 13% of Germany’s oil-processing capacity and is one of the country’s largest refining companies.
Government Statement on Energy Supply
"Ensuring security of supply remains the primary objective for all measures taken by the German government in relation to Rosneft Deutschland," said the ministry in a statement.
(Reporting by Madeline Chambers, Editing by Louise Heavens)
