Berlin, September 3(financeflashnews.com) – Germany has decided to extend its control over the local assets of Russia’s oil giant Rosneft for another six months. The move is aimed at maintaining stability in fuel supplies while giving more time for potential negotiations to sell these assets to Qatar. This information was provided by two sources familiar with the situation, who requested anonymity due to the sensitivity of the matter.
Rosneft’s Strategic Assets in Germany
Rosneft, one of Russia’s largest oil companies, holds significant stakes in three German refineries: 54.17% in the PCK Schwedt refinery, as well as shares in the MiRo and Bayernoil refineries. After Russia’s invasion of Ukraine in 2022, the German government took control of these assets to ensure their continued operation and to secure the country’s fuel supply.
Possible Sale to Qatar on the Horizon
The extension of Germany’s trusteeship, which keeps ownership of the assets in Rosneft’s hands, is intended to allow the Russian company to continue negotiations over selling its German assets to Qatar. Qatar, already a significant investor in Germany, is seen as the leading contender for these assets. The Qatari state investment fund has a long history of investments in Germany and is the largest shareholder in RWE, a major German electricity producer.
German Government Weighs Further Steps
The German government has yet to officially confirm details about the extension or the potential sale of Rosneft’s assets to Qatar. With the current trusteeship set to expire on September 10, an official announcement from Berlin is expected soon.
PCK Schwedt Refinery: A Key Player in the Market
The PCK Schwedt refinery, where Rosneft holds a majority stake, is a critical asset for Germany’s fuel market. Besides Rosneft, the refinery also has shares owned by Shell and Eni. In December 2022, Shell announced that it would sell its 37.5% stake in the refinery to the UK-based Prax Group.
Keywords: Germany, Rosneft, Qatar, refinery, PCK Schwedt, trusteeship extension, RWE, Shell, investments, fuel market
