Latest news with #PCKSchwedt
Reuters
30-06-2025
- Business
- Reuters
Germany extends job security at PCK Schwedt refinery until the end of 2025
BERLIN, June 30 (Reuters) - The German government has extended job security for workers at the PCK Schwedt oil refinery until the end of 2025, the economy ministry said in a statement on Monday. "The sanctions against Russian oil have put the PCK refinery in a difficult situation," Economy Minister Katherina Reiche said in a statement. "With the extended job security, we are now creating the basis for developing concrete prospects for the site together with the state of Brandenburg, PCK and regional partners," she said. While remaining the legal owner, Russian oil company Rosneft was stripped of control of the refinery after Berlin seized the entities following Russia's invasion of Ukraine in 2022.
Yahoo
06-03-2025
- Business
- Yahoo
German government extends control over Rosneft subsidiaries
The German government will retain control over the local units of the Russian state-owned company Rosneft, including a major oil refinery in the north-eastern German town of Schwedt. The government is extending the trusteeship over the PCK Schwedt refinery that began in 2022 by a further six months to September 10, the Economy Ministry said on Thursday. The refinery supplies large parts of north-eastern Germany with petrol, heating oil, kerosene and chemical products. "Ensuring security of supply remains central to the federal government," explained the ministry's Parliamentary State Secretary Michael Kellner. He said the extension will make it possible to continue production at the affected sites and to secure jobs. The German government's trusteeship over the refinery - which is 54% owned by Rosneft - is only intended to be temporary with a clear prospect of termination. Rosneft is pursuing a sale of its German assets. Keller appealed to Rosneft: "We expect the Russian side to conclude the sales negotiations quickly; Clarity regarding ownership is important for the further development of the refineries." The German Rosneft units also have minority stakes in the MiRo refinery in Karlsruhe and Bayernoil in Vohburg. In total, Rosneft accounts for around 12% of the capacity for processing crude oil in Germany.
Reuters
13-02-2025
- Business
- Reuters
Germany to extend trusteeship over Rosneft subsidiaries
BERLIN, Feb 13 (Reuters) - Germany is set to extend its trusteeship over Russian oil company Rosneft's ( opens new tab local subsidiaries for a fifth time for six months, the economy ministry said on Thursday. Rosneft has been trying to sell its German units, which include a 54.17% stake in the PCK Schwedt refinery. While remaining the legal owner, Rosneft was stripped of control after Berlin seized the entities following Russia's invasion of Ukraine in 2022. "The federal government has decided to seek a further extension of the trust administration after March 10," a spokesperson for the economy ministry said in a statement. "Ensuring security of supply remains the primary goal for all measures taken in connection with Rosneft Germany," the statement said. Earlier, Bloomberg News reported the trusteeship would be extended to September. A source familiar with the matter told Reuters last October that Rosneft was negotiating a sale of its German subsidiary to Qatar. The ministry's statement said that Rosneft had issued assurances it is actively seeking a sale, which it aims to complete by the end of this year. "In case that Rosneft does not manage to complete the sale on time, or if the cooperative path is unilaterally terminated, the federal government of course reserves other options," it said. Rosneft's German activities include stakes in the MiRo and Bayernoil refineries, which are also under state trusteeship. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
