Germany on Friday took over the German Operations of Russian oil firm, Rosneft to secure Energy supplies that had been stopped since Moscow invaded Ukraine.
The German Economy Ministry in a statement noted that Rosneft’s German subsidiaries which hold 12 percent of oil refining capacity in the Country were handed over to the trusteeship of the Federal Network Agency.
“The trust management will counter the threat to the security of energy supply.’’
This comes as Germany is working towards getting itself off its dependence on Russian Fossil fuels. Moscow had earlier stopped delivering Natural Gas to Germany through the Nord Stream 1 pipeline.
The approach covers the companies Rosneft Deutschland GmbH, RN Refining & Marketing GmbH and their corresponding stakes in three refineries: PCK Schwedt, MiRo and Bayernoil.
There had been concerns about PCK Schwedt, which is close to the Polish border and supplies around 90 percent of Oil, used in Berlin and the surrounding Regions with Berlin-Brandenburg International Airport inclusive.
The Refineries’ operations were halted as the German Government decided to slash Russian oil imports with the purpose to stop them completely by year’s end.
By taking control of the sites, the German authorities can run the refining operations using crude from Countries aside Russia.