EU approves Germany’s sole control over Rosneft’s assets

The European Commission announced on Friday that it had approved the German Federal Ministry for Economic Affairs and Climate Action’s "acquisition of sole control" over the German assets of Rosneft.

A Commission spokesperson said the decision concerns the continuation of the existing management regime, effectively extending it indefinitely until a new ownership structure is established.

Rosneft did not immediately respond to a request for comment.

The German subsidiary of the Russian group holds a controlling stake in the PCK Raffinerie, which supplies most of Berlin’s fuel, including aviation fuel for the airport, petrol for filling stations across eastern Germany and feedstock for the regional chemical industry.

The assets, which also include stakes in the MiRO and Bayernoil refineries, were placed under German state trusteeship in 2022 after Moscow’s invasion of Ukraine disrupted Germany’s energy ties with Russia. The previous trusteeship arrangement had been renewed every six months.

(reuters, max)