Saturday, June 14, 2025

Latest

Germany Gains Control of Russian-Owned Rosneft Refineries in Desperate Bid to Avert Complete Energy Crisis

It appears that Germany has moved onto plan B to avert a full-blown energy crisis, after realizing that plan A (ie., building new LNG terminals, increasing solar and wind infrastructure in response to Russia’s curtailment of gas shipments) cannot be feasibly achieved before winter comes in a few short months.

So, instead, the German government took control of Russian oil company Rosneft last week, in a desperate bid to boost energy supplies and meet the EU’s pledge to slash dependence on Russian oil imports before the end of 2022. Germany’s economy ministry on Friday announced the government put both Rosneft Deutschland GmbH and Refining & Marketing GmbH under the trusteeship of energy regulator Bundesnetzagentur (BNA). This means that Rosneft’s three stakes in oil refineries PCK located in Schwedt, MiRo in Karlsruhe and Bayernoil in Vohburg are now controlled by BNA.

The move follows last month’s amendment to a German energy rule that now grants government authorities the right to place “infrastructure critical to Germany’s security of supply” into temporary trusteeship. “This is a far-reaching decision on energy policy aimed at protecting our country,” said German Chancellor Olaf Scholz as cited by Reuters. “Russia, we have known for some time, is no longer a reliable energy supplier.” Rosneft, which accounts for approximately 12% of Germany’s oil processing company, will no longer have the right to make decisions or delegate instructions.

The plan also will also see state and federal governments invest over 1 billion euros into eastern German states as part of a “package for the future,” with 825 million euros going to Schwedt alone. The refinery in Schwedt receives all of its oil from Russia, but Germany’s latest anti-Russian move will likely prompt retaliatory action from Moscow.

Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Soma Gold Q1 Earnings: Margins Are Growing

Santacruz Silver: 2024 Was A Turnaround Year

Aznalcóllar Corruption Case Nears Conclusion | David Gower – Emerita Resources

Recommended

NexGen Energy Receives Approval For Site Expansion At Rook I Project

ESGold Sees Installation Of Humphrey Spirals Completed At Montauban

Related News

Leading Firm In German Cybersecurity Council Reportedly Backed By Russian Intelligence

Apparently, it took a comedian to highlight the weakest links of Germany’s cybersecurity. German satirical...

Monday, October 17, 2022, 11:08:00 AM

Russian Central Bank Suspends Currency Intervention Due to Sanctions

Russia’s central bank decided to forego currency intervention meant to support the ruble, as the...

Monday, February 28, 2022, 03:45:47 PM

Kremlin Considers Halting Supply of Critical Metals to ‘Unfriendly’ Nations

The Russian government is contemplating a ban on exporting strategically important resources to countries it...

Monday, September 30, 2024, 12:45:00 PM

UK Leader Offers Troops for Ukraine Peace Deal

Britain will put boots on the ground in Ukraine to help secure peace once the...

Monday, February 17, 2025, 11:35:00 AM

Vladimir Putin Assures Mass Pro-War Rally That Russia Will Succeed in Ukraine

Russian President Vladimir Putin made a special appearance on Friday to explain the reasoning behind...

Friday, March 18, 2022, 02:58:00 PM