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Germany eyes nationalization of Russian oil subsidiary

by Vladyslav Kudryk February 8, 2024 1:39 PM 1 min read

Germany's Chancellor Olaf Scholz speaks during a press conference at the end of a European Union summit at the EU headquarters in Brussels on Oct. 27, 2023. (John Thys/AFP via Getty Images)

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Germany is considering the nationalization of Rosneft Deutschland, a subsidiary of Russian state-owned oil giant Rosneft, which has been under the control of the German government since September 2022 in the wake of Russia's full-scale invasion of Ukraine, Reuters reported on Feb. 7, citing sources.

The Russian oil giant's law firm in Germany confirmed the report on Feb. 8, adding that it would take all measures to protect shareholders' rights, Reuters said.

Rosneft owns a majority stake in the Brandenburg PCK refinery in Schwedt, on the Polish border northeast of Berlin. About 54% of the shares are currently under the trusteeship of the German federal government.

The refinery has been processing Russian oil for decades. It supplies the bulk of the jet fuel for Berlin Airport and gasoline for cars in the region. The federal government has been hoping for months that Rosneft would sell its share in Schwedt.

Rosneft Deutschland and another subsidiary, Rosneft Refining and Marketing GmbH, were put under the trusteeship in September 2022. It has been extended twice since then.

The trusteeship expires in March, so by then, the government must decide whether to extend it again.

Author: Vladyslav Kudryk

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