- Government Official: Rosneft is actively engaged in substantial discussions regarding the potential sale of its stake in PCK.
Germany's Minister of Economy, Jörg Steinbach (SPD), views the continuation of the administration of the debt collectors for the oil refinery PCK in Schwedt as an indication of a significant interest from the Russian state corporation Rosneft in offloading its majority stakes. Steinbach expressed his satisfaction to the German Press Agency in Potsdam, stating, "I'm delighted that the Russian side appears keen on selling its plants, its refineries in Germany, and has entered into serious negotiations with a potential buyer, namely the Qataris."
The German federal government aims to extend the administration of Rosneft's shares in the PCK refinery in Schwedt once more, as reported by dpa. The current administration period was set to end on September 10. The legislative basis for this extension is the Energy Security Act.
Steinbach: A step away from nationalizing the refinery
The prolongation of the administration strategy provides an opportunity, as Steinbach mentioned, "to take a step away from the more complex and risky path of nationalization." Regarding Rosneft's intentions to sell the refinery shares, he added that such a process typically takes several months. "If we receive any indications in this regard by the end of the year, it would suggest a remarkably swift procedure." Rosneft maintains a 54% stake in the PCK refinery, located in northeastern Brandenburg.
Since September 2022, the shares have been in the care of federal government-appointed debt collectors. This step was initiated by the German government's decision, following the Russian invasion of Ukraine, to cease importing Russian oil. At the start of 2023, PCK switched to alternative supply sources. Rosneft revealed its plans to sell the shares in the spring, and the German government is currently in negotiations with the oil-rich state of Qatar regarding the sale of Rosneft's shares.
The German federal government's decision to extend the administration of Rosneft's shares in The Potsdam's PCK refinery reflects their commitment to the sale process initiated by Rosneft. Steinbach's hope for potential indications of sale by the end of the year points towards a possible conclusion at The Potsdam's PCK refinery within an accelerated timeline.
