Germany Assuming Control of Rosneft Deutschland

Germany Assuming Control of Rosneft Deutschland
The Federal Network Agency is assuming control of Rosneft Deutschland.

The German Federal Government has announced that, on the basis of the Energy Security of Supply Act, it has placed Rosneft Deutschland GmbH (RDG) und RN Refining & Marketing GmbH (RNRM) under the fiduciary management of the Bundesnetzagentur (Federal Network Agency).

This means that the FNA is assuming control of Rosneft Deutschland and its respective shares in the PCK Schwedt, MiRo (Karlsruhe) and Bayernoil (Vohburg) refineries, the government outlined. The order imposing the fiduciary management was issued by the Federal Ministry for Economic Affairs and Climate Action. It took effect on September 16 and is initially effective for six months.

Rosneft Deutschland holds a total of around 12 percent of German oil refining capacity, making it one of the largest oil-processing companies in Germany, the government noted. RDG and RNRM import several hundred million dollars worth of crude oil from Russia to Germany each month, according to the government.

“The reason for the imposition of fiduciary management is that the maintenance of business operations in the affected refineries was jeopardized in view of the ownership situation of the companies,” the government stated.

“Central critical service providers like suppliers, insurance companies, IT firms and banks, but also clients, were no longer willing to work together with Rosneft – neither with refineries in which Rosneft held a stake, nor with Germany’s Rosneft subsidiaries, RDG and RNRM,” the government added.

The government also noted that “the fiduciary management counters the impending risk to the security of the energy supply and lays a key foundation stone for the maintenance and future of the Schwedt operation”.

“The decision is accompanied by a comprehensive ‘future package’, which will give a boost to the transformation of the region and support the refinery, with the supply of oil being ensured via alternative routes,” the government added.

Stepping Up Precautionary Measures

Earlier this month, the Federal Ministry for Economic Affairs and Climate Action announced in a government statement that it was stepping up precautionary measures to safeguard power grid stability this winter.

In the statement, the organization revealed that four German transmission system operators had presented the findings of a second grid stress test. The test, which was undertaken on behalf of the Federal Ministry for Economic Affairs and Climate Action, was described as a special analysis of the security of the power grid this winter in the face of worsened external conditions. It found that hourly crisis situations in the power system are very unlikely in the coming winter, but cannot be entirely excluded, the government highlighted.

“It remains highly unlikely that we will face a crisis or an extreme scenario but as the minister responsible for energy security, I am doing everything it takes to ensure that we have full security of supply,” Robert Habeck, the Federal Minister for Economic Affairs and Climate Action, said in a government statement.

“We have therefore already put in place many of the measures which the stress test believes to be necessary, such as the return of the coal-fired power plants to the market. We will address other measures in the grid sector, such as in particular improving the transport capacities in the grid, in a third revision of the Energy Security of Supply Act, and will launch coordination of this,” he added.

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