The federal administration prolongs Rosneft Germany's authority in trust management for another term.
Rosneft Germany holds about a tenth of Germany's oil refining capabilities, positioning it as one of the significant processors in the nation, as acknowledged by the ministry. "The expansion of the trustee management addresses the predicted threats to supply reliability." The decree primarily guarantees the supply to the German federal states of Berlin and Brandenburg.
As per the ministry, the leading entity, Rosneft Russia, has effectively shown that Rosneft Germany will be offloaded by the year-end. Public declarations from prospective buyers and discussions with the federal authorities strengthen this claim, the ministry added. Reports indicate that the emirate of Qatar is considering purchasing Rosneft's shares in the PCK Schwedt refinery.
The economy ministry revealed that a sale "would be the most legally sound and consequently the quickest way to facilitate investments in the refineries and thus preserve the sites." This avenue became feasible due to Rosneft ceasing its legal actions against the trustee orders.
Entirely owned by the Russian Rosneft conglomerate, Rosneft Germany fell under trustee management by the Federal Network Agency in September 2022, coinciding with the initiation of Russia's invasion of Ukraine. This administration runs for six months at a time and then needs to be extended. The previous trustee management was set to end on September 10.
The potential sale of Rosneft Germany's shares could significantly impact the European Union's energy market, considering Rosneft Germany's substantial contribution to Germany's oil refining capabilities, which is a part of the wider European Union energy infrastructure.
In light of the trustee management of Rosneft Germany, discussions regarding potential partnerships or acquisitions between Rosneft and the European Union member states are of high interest, given the strategic position of Rosneft Germany within the European energy sector.
