Germany confiscates assets of Rosneft

16 September, 02:36 PM
Rosneft is Russia's largest oil company (Photo:rosneft.ru)

Rosneft is Russia's largest oil company (Photo:rosneft.ru)

The German government has seized the assets of the German subsidiaries of Russian state-owned oil company Rosneft, transferring them to external management under the Federal Network Agency BNetzA, the German regulatory office for electricity, gas, telecommunications, post, and railway markets, the website of the German government stated on Sept. 16.

BNetzA will gain temporary control over Rosneft Deutschland GmbH (RDG) and RN Refining & Marketing GmbH (RNRM) and shares in three refineries: PCK Schwedt (Schwedt), MiRo (Karlsruhe) and Bayernoil (Voburg).

The German government took control of Rosneft's German assets in order to keep the Schwedt refinery operating near the Polish border.

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“The decision is accompanied by a comprehensive package for the future, which will provide a transformational impetus for the region and support the refinery to ensure the supply of oil through alternative supply routes,” the German department noted.

This plant supplies the bulk of aviation fuel for the airport in Berlin and gasoline for cars in the region.

The company relied on the Druzhba oil pipeline from Russia to supply crude products.

A month earlier, the Russian state-owned Transneft oil transport company announced that the supply of oil in transit through the territory of Ukraine via the Druzhba pipeline had been stopped starting Aug. 4. The money that the company sent to Ukraine to pay for transit was returned to Transneft's accounts "due to the introduction of EU regulations, that is, the seventh package of sanctions."

Consumers of Russian oil took the initiative to assume the obligation to pay for the transit of Russian oil.

On Aug 11, Ukrtransnafta resumed the transportation of Russian oil through the Ukrainian section of the Druzhba main oil pipeline in the direction of Slovakia and Hungary.

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