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Germany Seizes Oil Assets of Russia's Rosneft to End Refinery Crisis

16 Tháng Chín 2022
Germany Seizes Oil Assets of Russia's Rosneft to End Refinery Crisis © Reuters

By Geoffrey Smith

Investing.com -- The German government is to take over the local operations of Russian oil giant Rosneft, further deepening the rupture between the two countries caused by Russia's invasion of Ukraine.

The move aims to end the crisis facing Rosneft's refinery in Schwedt in north-eastern Germany, which depends almost exclusively on supplies of Russian crude oil through a Soviet-era pipeline.

The move also covers two other facilities in Karlsruhe in southwest Germany and a Bavarian marketing subsidiary Bayernoil. All told, Rosneft accounts for 12% of oil refining capacity in Europe's largest economy. All of its gas stations in the country will also be taken under state control

"State administration counters the growing threat to the security of energy supply and lays the foundations for the survival and the future of Schwedt," the Federal Economy Ministry said in a statement, adding that the government will soon announce a "comprehensive" package of support measures that will include arrangements for supplies of crude from other sources. Reports have suggested an upgrade of the transport infrastructure leading from Polish ports on the Baltic.

Chancellor Olaf Scholz and Economy Minister Robert Habeck will present details of the package at a press conference at 08:30 ET (12:30 GMT).

The government's statement made no mention of compensation for Russia's largest oil producer.

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27-09-2023 15:28:23 (UTC+7)

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 EUR/USD1.0568↑ Buy
 GBP/USD1.2156↑ Buy
 USD/JPY149.01↑ Sell
 AUD/USD0.6382↑ Buy
 USD/CAD1.3515↑ Sell
 EUR/JPY157.48Buy
 EUR/CHF0.9683Neutral
 Gold1,913.85↑ Sell
 Silver23.030↑ Sell
 Copper3.6452↑ Sell
 Crude Oil WTI91.47Sell
 Brent Oil93.19Sell
 Natural Gas2.899Neutral
 US Coffee C150.23↑ Sell
 Euro Stoxx 504,150.75Neutral
 S&P 5004,273.53Neutral
 DAX15,287.15Sell
 FTSE 1007,637.83↑ Sell
 Hang Seng17,552.50Neutral
 Small Cap 20001,760.15↑ Sell
 IBEX 359,406.46↑ Sell
 BASF42.105↑ Sell
 Bayer45.94↑ Buy
 Allianz229.60Sell
 Adidas160.20Neutral
 Lufthansa7.665↑ Buy
 Siemens AG131.00↑ Sell
 Deutsche Bank AG10.368↑ Buy
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