Following Russian Rosneft's move to sell its refinery assets in Germany last week, Berlin on Thursday announced it would extend its trusteeship over the local Rosneft subsidiaries until mid-September to avoid nationalization.
Following Russian Rosneft’s move to sell its refinery assets in Germany last week, Berlin on Thursday announced it would extend its trusteeship over the local Rosneft subsidiaries until mid-September to avoid nationalization. This is the third time Germany has extended the trusteeship of Rosneft PJSC, with the new extension set to expire on September 10, giving Moscow time to divest its assets. The current trusteeship period was set to expire on March 10.
The Schwedt refinery is the fourth-largest in Germany and is 54% owned by the Russian state oil giant. Oil feeding the refinery comes from the Druzhba pipeline from Russia. The Schwedt refinery supplies 90% of the fuel needs of Germany’s capital city Berlin. Rosneft is Germany's third largest petroleum refinery company, processing roughly 12.
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