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German Government Takes Over Rosneft's Subsidiary In Germany

The Economy Ministry said that the move would help ensure continued energy supplies and cited the need to ensure continued operations at the three oil refineries in the country

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The German government on Friday said that it is taking control of Russian oil giant Rosneft's subsidiary in Germany. 

It cited the need to ensure continued operations at three oil refineries in the country.

The Economy Ministry said in a statement that Rosneft Deutschland GmbH and RN Refining and Marketing GmbH will be put under the control of Germany’s Federal Network Agency.

The agency will also control the companies' shares in three refineries, namely, PCK Schwedt, MiRo and Bayernoil.

The ministry said that the move would help ensure continued energy supplies and is initially due to last for six months.

Rosneft accounts for about 12 per cent of Germany's oil refining capacity.


Tags assigned to this article:
rosneft germany economy ministry refineries