Russia’s Rosneft Calls Seizure of Its German Unit Illegal

(Bloomberg) — Author of the article: Bloomberg News Bloomberg News Flammable gases released from a flare stack at the PCK Schwedt oil refinery, operated by PCK Raffinerie GmbH which is controlled by Rosneft Oil Co., in Schwedt, Germany, on Monday, May 9, 2022. A plan to ban Russian oil imports by the end of the…
Russia’s Rosneft Calls Seizure of Its German Unit Illegal

(Bloomberg) —

Author of the article:

Bloomberg News

Bloomberg News

Flammable gases released from a flare stack at the PCK Schwedt oil refinery, operated by PCK Raffinerie GmbH which is controlled by Rosneft Oil Co., in Schwedt, Germany, on Monday, May 9, 2022. A plan to ban Russian oil imports by the end of the year threatens to choke off supplies to the facility in the small town of Schwedt, which would cripple Berlin and much of eastern Germany in the process. Photographer: Krisztian Bocsi/Bloomberg Photo by Krisztian Bocsi /Bloomberg

(Bloomberg) —

Russian oil major Rosneft PJSC said this week’s seizure of its German unit was illegal and that it will consider all measures to protect ownership of the assets.

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Germany’s government took control of Rosneft’s assets, including three oil refineries, as Berlin moved to take sweeping control of its energy industry to secure supplies and sever decades of deep dependence on Moscow. 

Rosneft said the move amounted to an expropriation of equity assets in which it had invested 4.6 billion euro ($4.6 billion) for refining capacity, according to a company statement late Friday. 

Germany Tightens Control Over Industry With Russian Oil Grab 

The Russian company said it will “consider all possible measures to protect its shareholders, including legal action.” 

Chancellor Olaf Scholz’s administration pulled the trigger after months of talks as the government moved to ensure Kremlin involvement in its key refineries didn’t become a threat in its preparations to stop buying Russian crude by the end of the year.

Despite the asset seizure, Rosneft said it was “ready to discuss possible parameters of a new contract on condition of guarantees for payment for raw materials supplied.”

Germany’s Rosneft Seizure Kicks Off Oil Infrastructure Test

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