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Germany extends oversight of German Rosneft assets amid current sale
(MENAFN) Germany has opted to extend its oversight of Russia's Rosneft operations for an additional six months, according to sources familiar with the matter. This decision comes as the future of Rosneft's German assets, particularly its substantial 54.17 percent stake in the BCK Schwyz refinery, remains uncertain. Following the onset of the war in Ukraine, the German government took control of these assets to protect supply chains and provide Rosneft with adequate time to find a suitable buyer for its stake.
The oversight, which has already been renewed three times, will continue to see German authorities managing the operations while Rosneft maintains ownership. This arrangement is designed to ensure the ongoing protection and stability of the refinery operations and the supply of refined products. The current oversight period was set to end on September 10, but the extension aims to facilitate the ongoing sale process and ensure a smooth transition of ownership when a buyer is eventually secured.
By extending its oversight, Germany aims to stabilize the operational and supply aspects of Rosneft’s assets while providing additional time for a successful transfer of ownership. This move underscores the German government’s commitment to maintaining operational stability and managing the transition effectively in the face of geopolitical uncertainties.
The oversight, which has already been renewed three times, will continue to see German authorities managing the operations while Rosneft maintains ownership. This arrangement is designed to ensure the ongoing protection and stability of the refinery operations and the supply of refined products. The current oversight period was set to end on September 10, but the extension aims to facilitate the ongoing sale process and ensure a smooth transition of ownership when a buyer is eventually secured.
By extending its oversight, Germany aims to stabilize the operational and supply aspects of Rosneft’s assets while providing additional time for a successful transfer of ownership. This move underscores the German government’s commitment to maintaining operational stability and managing the transition effectively in the face of geopolitical uncertainties.
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