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An oil subsidiary in Germany previously controlled by a Russian oil giant is now under the control of the German government, it announced on Friday.
The German government said it has taken control of Rosneft Deutschland GmbH and RN Refining & Marketing GmbH, two companies previously owned by the multinational oil and gas company Rosneft. The government said the move would ensure continued oil production as the international community seeks to reduce its dependence on oil from Russia.
The German economy ministry said on Friday that the companies will be placed under the control of the Federal Network Agency. The ministry also said the agency will take control of the companies’ shares in three refineries: PCK Schwedt, MiRo and Bayernoil.
The oil refinery at the industrial site of PCK-Raffinerie GmbH, jointly owned by Rosneft, is illuminated in the evening in Schwedt, Germany on May 4, 2022.
(Patrick Pleul / dpa via AP, File)
The ministry said the acquisition will last six months.
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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 from the German government to seek alternatives to Russian oil, which it intends to announce later on Friday. Rosneft previously said it had no plans to stop importing Russian oil.
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The European Union embargo on Russian oil is expected to go into effect on January 1, 2023.
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The Associated Press contributed to this report.
