Germany wants to fully nationalise the Rosneft branch
Publication date

Germany wants to fully nationalise the Rosneft branch

Source:  Welt

Rosneft Deutschland, which is under the "trust control" of the German government after the Russian invasion of Ukraine, can be fully nationalised.

Germany is considering the nationalisation of Rosneft's branch

On February 5, there was a hearing regarding the possible nationalisation of the company, in which its representatives were involved. Hearing is a step before nationalisation.

But, as noted, the decision on nationalisation has not yet been made.

The Russian state company "Rosneft" owns a majority stake in the Brandenburg oil refinery PCK in Schwedt. About 54 percent of the shares are currently under the control of the federal government — in the so-called trust administration, the publication notes.

The aim was to preserve the plant, which is fueled by Russian oil and has been very important for decades because it supplies the bulk of aviation fuel for the airport in Berlin and gasoline for cars in the region.

The "trust control" deadline expires on March 10, so the government must decide on Rosneft Deutschland.

There is also a risk that Rosneft Deutschland will no longer be able to fulfil its mandate to supply the PCK plant without further government action.

What is known about the transfer of Rosneft to Germany

In September 2022, the German government placed Rosneft's German subsidiaries, Rosneft Deutschland and RN Refining & Marketing, under the control of the federal regulator.

Rosneft Deutschland provides about 12% of Germany's oil refining capacity, making it one of the largest oil refining companies in Germany.

According to the results of 2022, the net profit of the Russian state oil and gas company "Rosneft" decreased by 7.9% against the background of sanctions imposed by the West.

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