Germany takes management of Rosneft subsidiary

Berlin: The German Ministry of Economic system introduced Friday inserting the German department of the Russian oil firm (Rosneft) below the guardianship of the Federal Vitality Company.

The ministry stated in a press release that the choice of the guardianship, utilized on three oil refining amenities, will enter into pressure instantly and can proceed for six months.

It added that the Federal Vitality Company will handle and monitor Rosneft Deutschland, three affiliate refineries; PCK Schwedt, MiRo and Bayernoil.

The German authorities cited the necessity to guarantee continued operations on the three oil refineries amid Berlin’s resolve to stop oil imports from Russia by the top of the yr and European sanctions over Moscow’s invasion of Ukraine.

Earlier than the Russian-Ukrainian disaster, Germany relied on Russian crude oil to cowl almost a 3rd of its oil wants.

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