Federal Authorities Engage in Discussions with Qatar Regarding Rosneft Subsidiaries and PCK
Before the concluded term of the trusteeship management of two German branches of the Russian state organization Rosneft, the German federal government is engaging in dialogue with the oil-rich nation of Qatar. According to "Business Insider", State Secretary Jörg Kukies has conversed with Mansur al-Mahmud, the head of the Qatari sovereign wealth fund, on four separate occasions.
The German government confirms the interactions to the German Press Agency (dpa), but neither grants details about the discussions nor discloses their content. "Business Insider" cites "multiple sources informed about the situation" that talks regarding the acquisition of Rosneft shares by Qatar have initiated. This information is corroborated by inside sources to dpa as well.
At the heart of this situation is the significant eastern German refinery PCK situated in Schwedt, Brandenburg. Majority-owned by the German Rosneft subsidiaries that have been under federal trusteeship since September 2022, this decision had been prompted by the federal government's decision to cease Russian oil imports due to the Ukraine conflict. At the start of 2023, PCK switched to alternative supply outlets.
Russian Shares' Fate
The pertinent issue now is the future of the Russian shares. Rosneft announced its intention to trade these shares in the spring. In consequence, the trustee arrangement, frequently extended for six months, was renewed again. It currently lasts until September 10 and may be extended even further.
The Left Party's Christian Görke finds it peculiar that the federal government is considering a sale to Qatar. Qatar currently holds a 20% stake in Rosneft. If the German subsidiaries are sold, as suggested, "Russia would continue to have an indirect influence," Görke contends. Instead, the federal government should seize the shares, Görke advocates firmly: "It can't be acceptable for such a crucial structural part to be marketed like an ordinary product."
Despite the German federal government's ongoing dialogue with Qatar regarding possible Rosneft shares acquisition, it remains an oil-rich state with existing stakes in the Russian energy giant. If successful, the sale of German Rosneft subsidiaries could potentially maintain Russia's indirect influence in Rosneft, as Qatar currently owns 20% of the company.
