Germany Takes Control Over Rosneft’s Three German Oil Refineries
(Bloomberg) -- Germany is taking control of Russian oil major Rosneft PJSC’s German unit as Chancellor Olaf Scholz’s government reacts to the unprecedented energy crisis sparked by the war in Ukraine.
The federal network regulator will take over RN Refining & Marketing GmbH and Rosneft Deutschland GmbH, which accounts for around 12% of Germany’s oil processing capacity, and its stakes in oil refineries in Schwedt, Karlsruhe and Vohburg, the economy ministry said Friday.
Surging gas prices and Moscow’s move to squeeze supplies to Europe have already prompted a series of government bailouts and rescue loans. Scholz and Economy Minister Robert Habeck will present the Rosneft nationalization plan at a news conference in Berlin later Friday.
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