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An oil subsidiary in Germany previously controlled by a Russian oil giant is now under the control of the German government, it announced Friday.
The German government said it took control of Rosneft Deutschland GmbH and RN Refining & Marketing GmbH, two companies owned up until now by multinational oil and gas company Rosneft. The government said the move would ensure continued oil production as the international community looks to cut its oil dependence on Russia.
German’s Economy Ministry said Friday the companies will be put under the control of the Federal Network Agency. The ministry also said the agency will assume control of the companies’ shares in three refineries: PCK Schwedt, MiRo and Bayernoil.
The oil refinery on the industrial site of PCK-Raffinerie GmbH, jointly owned by Rosneft, are illuminated in the evening in Schwedt, Germany, on May 4, 2022. (Patrick Pleul/dpa via AP, File)
The ministry said the acquisition will last for six months.
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The Schwedt refinery supplies about 90% of Berlin’s fuel and Rosneft Deutschland is one of the largest oil processing companies in the country, accounting for 12% of Germany’s oil refining capacity, Reuters reported.
The move comes amid a larger package by the German government to seek alternatives to Russian oil, which it intends to announce later Friday. Rosneft previously said it had no intention to stop the import of Russian oil.
A European Union embargo on Russian oil is set to be enacted on Jan 1, 2023.
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Russia continues its ongoing invasion of Ukraine, which started on Feb. 24, 2022.
The Associated Press contributed to this report.