Germany Takes Control of Rosneft Refineries

Germany Takes Control Of Rosneft Refineries - Medium

BERLIN—Germany took control of the German business of Russian oil giant Rosneft Oil Co. as Berlin races to safeguard its energy supplies before its planned ban on Russian oil imports kicks in later this year.

The German government said it would place Rosneft’s German subsidiaries under trusteeship. The business’s flagship asset is the PCK refinery in Schwedt, eastern Germany, that provides Berlin and the surrounding region with much of its gasoline and aircraft fuel. Rosneft’s Germany assets make up a total of around 12% of the country’s oil-processing capacity, making it one of the largest oil-processing companies in the country.

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This article was written by and originally published on www.wsj.com