Commodities and Futures News

Germany puts Rosneft refinery unit under trusteeship

2022.09.16 02:10



© Reuters. The company logo hangs at the PCK refinery’s, which is majority-owned by Russia’s Rosneft, in Schwedt, Brandenburg, Germany, June 9, 2022. REUTERS/Michele Tantussi/File Photo

BERLIN (Reuters) -Germany put the German subsidiary of Russian oil giant Rosneft under trusteeship on Friday, handing control of the PCK refinery in Schwedt, a key source of fuel for Berlin, to the federal regulator.

The refinery, until now majority-owned by Rosneft, has tested Germany’s resolve to eliminate imports of oil from Russia by the end of the year, under European sanctions to punish Moscow for its invasion of Ukraine.

“With the trusteeship, the threat to the security of energy supply is countered and an essential foundation stone is set for the preservation and future of the Schwedt site,” the economy ministry said in a statement.

The landlocked Schwedt refinery is Germany’s fourth-largest, supplying 90% of the capital’s fuel, and has received all its crude from Russia via the Druzhba pipeline since the plant was built in the 1960s.

Friday’s move is accompanied by a “comprehensive package” designed to ensure oil can be supplied to Schwedt via alternative routes, the ministry said.

With the trusteeship, the Federal Network Agency regulator also takes over Rosneft Deutschland’s shares in the MiRo and Bayernoil refineries, in Karlsruhe and Vohburg respectively.

Chancellor Olaf Scholz, Economy Minister Robert Habeck and Brandenburg’s state premier will unveil details of the package at 1.30 p.m. (1130 GMT), the ministry added.

Rosneft Deutschland accounts for about 12% of Germany’s oil processing capacity and is one of the largest oil processing companies in the country, the ministry said.

The government’s move to put Rosneft Deutschland in the hands of the Federal Network Agency follows a similar move by Berlin with SEFE, formerly known as Gazprom (MCX:) Germania, which came under trusteeship after Gazprom ditched it in April.



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 96,901.96 2.04%
ethereum
Ethereum (ETH) $ 3,319.41 4.45%
tether
Tether (USDT) $ 1.00 0.16%
solana
Solana (SOL) $ 247.21 5.89%
bnb
BNB (BNB) $ 650.80 3.66%
xrp
XRP (XRP) $ 1.34 15.28%
dogecoin
Dogecoin (DOGE) $ 0.408958 11.46%
usd-coin
USDC (USDC) $ 0.999951 0.08%
cardano
Cardano (ADA) $ 0.967979 14.84%
staked-ether
Lido Staked Ether (STETH) $ 3,320.24 4.42%
tron
TRON (TRX) $ 0.203589 7.45%
avalanche-2
Avalanche (AVAX) $ 39.59 8.04%
the-open-network
Toncoin (TON) $ 5.96 4.83%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 9.48%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,930.85 4.50%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 96,471.85 2.15%
stellar
Stellar (XLM) $ 0.450149 7.62%
polkadot
Polkadot (DOT) $ 8.49 1.57%
chainlink
Chainlink (LINK) $ 16.67 6.19%
bitcoin-cash
Bitcoin Cash (BCH) $ 493.62 7.27%
weth
WETH (WETH) $ 3,318.66 4.38%
sui
Sui (SUI) $ 3.35 8.00%
pepe
Pepe (PEPE) $ 0.00002 10.53%
leo-token
LEO Token (LEO) $ 8.71 0.88%
near
NEAR Protocol (NEAR) $ 6.51 0.35%
litecoin
Litecoin (LTC) $ 93.81 10.19%
aptos
Aptos (APT) $ 11.94 8.55%
uniswap
Uniswap (UNI) $ 10.31 5.49%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,488.15 4.66%
hedera-hashgraph
Hedera (HBAR) $ 0.138869 9.62%
usds
USDS (USDS) $ 1.00 0.13%
internet-computer
Internet Computer (ICP) $ 10.68 8.46%
crypto-com-chain
Cronos (CRO) $ 0.184401 7.07%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.538592 7.51%
ethereum-classic
Ethereum Classic (ETC) $ 27.85 8.97%
render-token
Render (RENDER) $ 7.47 7.69%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.17%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.46 2.22%
kaspa
Kaspa (KAS) $ 0.148798 8.11%
bittensor
Bittensor (TAO) $ 499.73 7.44%
whitebit
WhiteBIT Coin (WBT) $ 24.39 1.27%
dai
Dai (DAI) $ 1.00 0.11%
celestia
Celestia (TIA) $ 8.07 21.21%
arbitrum
Arbitrum (ARB) $ 0.81747 6.50%
bonk
Bonk (BONK) $ 0.000044 13.31%
mantra-dao
MANTRA (OM) $ 3.65 2.64%
vechain
VeChain (VET) $ 0.040147 8.97%
cosmos
Cosmos Hub (ATOM) $ 8.28 2.96%
filecoin
Filecoin (FIL) $ 5.35 0.43%
okb
OKB (OKB) $ 52.45 0.54%