- The Federal authorities will maintain oversight over the PCK refinery.
German Government Keeps a Grip on PCK Refinery for Now
As of now, the PCK oil refinery in Schwedt is under the control of the German government. The administration of the majority shares, owned by the Russian state company Rosneft, is set to be prolonged by the federal government, according to reports from the German Press Agency. Without this extension, the trustee administration would end on September 10.
German Takeover in 2022
Since September 2022, the federal government has taken control of the shares in the PCK refinery, located in northeastern Brandenburg. This move was triggered by Germany's decision to stop importing Russian oil due to Russia's attack on Ukraine. PCK shifted to alternative suppliers at the beginning of 2023. The current extension of the trustee administration was made in March for six months. Apart from Schwedt, two other facilities are also involved in this situation. The German government's decision is backed by the Energy Security Act. Rosneft owns 54% of the shares in the PCK refinery.
Potential Purchaser: Qatar
Rosneft's shares in the refinery may soon be up for sale. The Gulf emirate of Qatar is reportedly interested in buying these shares. The German government is currently in talks regarding this matter, as per reports from "Business Insider". Sources confirmed this news to the German Press Agency. However, the deal would be between Rosneft and Qatar, not the German government. The deal would be evaluated by the German government under the Foreign Trade and Payments Act. Rosneft is reportedly looking to sell.
Minister: Expropriation Off the Agenda
Brandenburg's Minister of Economics, Jörg Steinbach (SPD), considers the extension of the trustee administration at PCK as a sign of Rosneft's serious intent to sell its majority shares. "I am pleased that the Russian side is apparently interested in selling its German works and refineries, and has engaged in serious negotiations with a corresponding interested party, namely the Qataris," Steinbach said to the German Press Agency in Potsdam.
The extension of the trustee solution gives a chance "to stay away from the much more complex and risky path of expropriation for the time being," Steinbach emphasized. On the potential sale of the refinery shares, he stated that such processes typically take several months. "It would be a particularly swift approach if we receive any signals in this regard by the end of the year."
The Left Suggests Government Intervention
The Left party's Christian Görke believes that the federal government should intervene promptly in PCK to secure this crucial structural component and the thousands of jobs in the region. "What works as a standard in the West with the federal government's involvement in the Meyer Werft in Papenburg should also be possible in the East," Görke said.
Given the current situation, the European Union might express concerns about Germany's control over the PCK refinery, considering its strategic importance in the energy sector.
In the context of potential negotiations with Qatar, the European Union could also discuss the implications of a foreign entity's involvement in a significant European oil facility.
