Business
Fresh tension as Germany confiscates Russian refinery
There appears to be fresh tension in Europe as German subsidiary of Russian oil giant, Rosneft, on Friday, commenced a process of confiscating the Russian refinery through placing the refinery under trusteeship, and authorising Germany’s federal regulator to take control of the PCK refinery in Schwedt.
Rosneft Deutschland, which majority stakes were owned by Rosneft, is facing Germany’s resolve to eliminate imports of oil from Russia by the end of the year under European sanctions to weaken Russia in its invasion of Ukraine.
Germany’s economy ministry in a statement, declared: “with the trusteeship, the threat to the security of energy supply is countered and an essential foundation stone is set for the preservation and future of the Schwedt site.’’
With the resolution, Rosneft Deutschland, which accounts for about 12 per cent of German oil processing capacity, will be under the trusteeship of the Federal Network Agency regulator, which said the original owner no longer had authority to issue instructions.
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