Germany announces takeover of Russian-owned oil refineries
The German government said the move is to ensure the continued production of oil as the country and much of Europe seek to cut their dependence on Russia.
Germany has announced the takeover of three Russian-owned oil refineries ahead of the European Union’s deadline to embargo Russian oil on January 1, 2023.
As energy prices continue to skyrocket in Germany and the rest of Europe amid Russia’s ongoing invasion of Ukraine, the German government announced Friday that it has taken control of Rosneft Deutschland GmbH and RN Refining & Marketing GmbH. The two companies were owned up until now by Russian oil and gas company Rosneft.
The German government said the move is to ensure the continued production of oil as the country and much of Europe seek to cut their dependence on Russia.
According to Germany’s Economy Ministry, the two companies will be placed under the control of the Federal Network Agency, which will assume control of the companies’ shares in three refineries: PCK Schwedt, MiRo and Bayernoil.
According to Fox News, the acquisition, which is not permanent, will last for six months:
The Schwedt refinery supplies about 90% of Berlin’s fuel and Rosneft Deutschland is one of the largest oil processing companies in the country, accounting for 12% of Germany’s oil refining capacity, Reuters reported.
The move comes amid a larger package by the German government to seek alternatives to Russian oil, which it intends to announce later Friday. Rosneft previously said it had no intention to stop the import of Russian oil.
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