The German Ministry of Economy has one more time extended trust supervision over the shares of Russian state-owned company Rosnieft in the PCK refinery in Schwedt close the border with Poland. Trust supervision will be extended until 10 March 2026 – the Ministry of Berlin reported.
Rosnieft Germany under control
This means that the German national Network Agency will hold control of Rosnieft Germany and thus its shares in PCK Schwedt, as well as the MiRo refineries in Karlsruhe and Bayernoil in Bavarian Vohburg. The decision to extend trust supervision mainly provides transportation to Berlin and Brandenburg and guarantees the operation of the refinery in Schwedt.
According to the Ministry of Economy, Rosnieft Russia stated that it is actively seeking to sale its German company. "Sale would be the safest legally and thus the fastest way to let investments in refineries and endurance of plants in Germany".
PCK refineries supply a large part of northeastern Germany and Berlin, among others, with petrol, fuel oil and kerosine. 54 percent of its shares belong to the German subsidiary of Russian state company Rosnieft. Following Russia's attack on Ukraine, the German government took over Rosnieft's subsidiaries with a trust board, maintaining control over them.
Resignation of Russian Oil
The then government led by Chancellor Olaf Scholz besides decided to resign from Russian oil, which for decades had reached PCK. The refinery had to look for another sources of supply.
The board of trustees has so far been extended all six months. Without another extension would expire on Wednesday, September 10.
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