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A German oil subsidiary previously controlled by the Russian oil giant is now under the control of the German government, it said on Friday.
The German government has announced that it has taken control of Rosneft Deutschland GmbH and RN Refining and Marketing GmbH, previously owned by 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 Russia for oil.
Germany’s economy ministry said on Friday that the companies will come under the control of the Federal Network Agency. The ministry also said the agent will assume control of the company’s shares in his three refineries: PCK Schwedt, MiRo and Bayernoil.
The acquisition will last for six months, the ministry said.
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The Schwedt refinery supplies about 90% of Berlin’s fuel, and Rosneft Germany is one of the country’s largest oil processing companies, with 12% of Germany’s refining capacity, according to Reuters.
The move comes amid a larger package by the German government to find alternatives to Russian oil, which is expected to be announced late Friday. Rosneft has previously said it would not stop importing Russian oil.
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The European Union embargo on Russian oil is due to come into force on 1 January 2023.
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Russia continues its invasion of Ukraine, which began on February 24, 2022.
The Associated Press contributed to this report.