The German government has bought a German subsidiary of Russian oil giant Rosneft. This is aimed at securing vital energy supplies as Europe moves toward banning Russian oil imports later this year, the economy ministry said on Friday.
The move to place Rosneft Deutschland in trust for at least six months is aimed at ensuring the continued operation of Rosneft’s three refineries in Germany. This includes PCK Schwedt, which supplies gas, kerosene and jet fuel to the city of Berlin and its surrounding areas. the government said.
Overall, the refineries provide about 12% of the country’s crude processing capacity, making Rosneft Deutschland one of Germany’s largest oil processing companies, the government said.
“Building trust will counter threats to the security of energy supplies and lay an essential foundation for the preservation and future of the Schwedt site,” the economy ministry said in a statement.
Germany suspended imports of crude oil from Russia in December, as part of broader economic sanctions imposed on Moscow by Berlin and its European allies since Russian forces invaded Ukraine in February, and will begin in early 2023. plans to suspend imports of Russian petroleum products by
But Rosneft had no interest in processing non-Russian crude at its three refineries. Notably, the refinery in Schwedt, an industrial city on the Oder River east of Berlin, receives crude oil directly from Russia through a network of pipelines. has existed for decades.
In the months since the intrusion, banks, insurers and technology companies have stopped cooperating with Rosneft and its German arm, jeopardizing its ability to function, the ministry said.
Refinery workers also fear losing their jobs if a Russian oil embargo leads to closures. I’m here.
Friday’s move reflected the seizure by Germany of a major German subsidiary of Russia’s state-owned natural gas monopoly Gazprom in April. This action allowed Berlin to regain control of its gas infrastructure, which Russia had gained years before the invasion.
More than a third of Germany’s refined oil before the war broke out came from Russia, much of it flowing directly to facilities in the former eastern states through Cold War-era pipelines. Germany will buy her 27 million tonnes from Russia in 2021.
Switching to a new supplier means shipping crude domestically via the port of Rostock in the northeast, and then through Poland to reach a refinery in Schwedt.