Germany takes management of three Russian-owned oil refineries

Germany is taking management of three Russian-owned refineries within the nation to make sure power safety earlier than an embargo on oil from Russia takes impact subsequent 12 months, officers stated Friday.

The Economic system Ministry stated in an announcement that Rosneft Deutschland GmbH and RN Refining & Advertising GmbH might be put beneath the administration of Germany’s Federal Community Company. In consequence, the company may also management the businesses’ shares in three refineries: PCK Schwedt, MiRo and Bayernoil, positioned within the east and south of the nation.

Rosneft accounts for about 12% of Germany’s oil refining capability, importing a number of hundred million euros’ ({dollars}’) price of oil from Russia each month, the ministry stated.

It stated the transfer would assist guarantee continued power provides and was initially because of final for six months.

Rosneft had beforehand made clear it had no intention to finish the import of Russian oil, regardless of a looming EU embargo coming into drive on Jan 1, 2023.

The ministry stated a long-term plan may also be introduced for the way forward for the PCK refinery in Schwedt, which employs about 12,000 folks and offers petroleum merchandise to a lot of northeastern Germany together with Berlin.

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