Russian Rosneft begins selling German assets amid extended tutelage
(MENAFN) The German government announced on Friday that Rosneft, the Russian oil giant, has commenced the process of selling its assets in Germany. The move comes as Rosneft aims to finalize the sale by September, coinciding with the expiration of Berlin's custodianship over the assets.
In response to the Russia-Ukraine conflict, Berlin took action in September 2022 to place Rosneft's German assets, including the prominent BCK refinery in Berlin, under custodianship. This measure was implemented as a precautionary step to safeguard the assets amid geopolitical tensions and ensure their continued operations within Germany.
Since the imposition of custodianship, the arrangement has been subject to extensions, with Rosneft challenging the decision through legal channels. However, a case brought by the Russian company challenging the custodianship was dismissed last year, further solidifying the government's oversight of the assets.
A spokesperson for the German Economy Ministry provided insights into Rosneft's latest developments, stating, "Rosneft Russia has now announced that it has begun a sale process and wants to complete it within the extension of the conservatorship period." The statement underscores the ongoing dialogue between the German government and Rosneft regarding the sale process and the associated legal implications.
The German government remains focused on securing energy supplies, with particular emphasis on ensuring the continued operations of the BCK Schwedt refinery. As discussions progress, officials will continue to explore avenues to safeguard the assets and uphold energy security objectives while navigating the complexities of international geopolitics and legal considerations.
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