Latest news with #RosneftDeutschland
Mint
27-06-2025
- Business
- Mint
Qatar Withdraws Interest for Rosneft's German Operations
(Bloomberg) -- Qatar withdrew its interest in the seized German operations of Russia's state-controlled oil company Rosneft PJSC, according to people familiar with the matter. The Qatar Investment Authority was the last party interested in the refining assets, leaving their future in limbo, said the people, who asked not to be identified as the discussions are private. That increases the pressure on the new German government to take a decision on the business, which is under a temporary trusteeship that has been extended several times. Rosneft Deutschland and QIA declined to comment, while Rosneft didn't respond to a request for comment. The German economy ministry said it's not involved in the sales negotiations which Rosneft is currently leading. Germany initially aimed to seal the deal by the end of last year, though Qatar failed to get approval from the White House, which it wanted in order to maintain good relations with the US, according to the people. The state took Rosneft Deutschland and RN Refining & Marketing GmbH under temporary control in September 2022 and has extended the trusteeship six times since then, with the current one expiring on Sept. 10. No potential Western buyers have emerged due to sanctions against Russia. Rosneft Deutschland holds shares in three German refineries, which account for 12% of the nation's total processing capacity, including PCK Raffinerie GmbH's Schwedt plant near Berlin. Germany's economy minister Katherina Reiche on Wednesday told lawmakers that finding a secure legal future for the entity 'is not trivial. We need time for that.' --With assistance from Kamil Kowalcze.
Yahoo
13-02-2025
- Business
- Yahoo
German government plans to extend control over Russian-owned refinery
The German government plans to again extend its control over an oil refinery in the eastern German town of Schwedt which is majority owned by the Russian state oil company Rosneft, the Economy Ministry said on Thursday. The government's trusteeship over the PCK refinery was otherwise due to expire on March 10, but a ministry spokeswoman said the German state will move to keep control over the refinery instead. "Ensuring security of supply remains the top priority for all measures taken in connection with Rosneft Deutschland," she said. Given tough sanctions imposed on Russia because of the country's ongoing invasion of Ukraine, Rosneft's German subsidiary warned that it might be unable to contribute to German energy supplies, she said. "The trusteeship is sufficient to counteract this problem," the ministry spokeswoman said. However, 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 Russia has credibly demonstrated that a sale of Rosneft Deutschland is being actively pursued and should be completed by the end of the year," the spokeswoman said. This path had become possible because Rosneft had continued to suspend legal action against the escrow orders. But the ministry spokeswoman added that, in the event that Rosneft does not succeed in completing the sale on time or if it backs out of its current "cooperative path," the German government reserves the right to pursue other options. The shares in the refinery have been under German government trust administration since September 2022, a step taken after Germany decided to halt all imports of Russian oil.
