Germany Takes Management of three Russian-Owned Oil Refineries

BERLIN (AP) — 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 yr, officers mentioned Friday.

The Economy Ministry mentioned in an announcement that Rosneft Deutschland GmbH and RN Refining & Marketing GmbH shall be put below the administration of Germany’s Federal Network Agency. As a outcome, the company will even management the businesses’ shares in three refineries: PCK Schwedt, MiRo and Bayernoil, situated 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}’) value of oil from Russia each month, the ministry mentioned.

It mentioned 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 power on Jan 1, 2023.

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

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