Rosneft: Germany’s decision to cede assets under its control means their complete loss
MOSCOW, September 16 – RIA Novosti. The German government’s decision to transfer Rosneft’s assets under the control of the German regulator means their complete loss, the company will work to protect shareholders, including going to court, reported Rosneft
“The decision taken by the Federal Government of Germany is not temporary and actually means irreversible loss of assets. Rosneft will take all possible measures to protect shareholders, including going to court,” the statement said.
Earlier on Friday, Germany’s Ministry of Economy and Climate Protection announced that the German Cabinet has transferred Rosneft’s subsidiaries – Rosneft Deutschland and RN Refinery and Marketing – to the control of the Federal Network Agency. The agency thus took control of Rosneft Deutschland and a corresponding stake in three refineries, PCK Schwedt, MiRo and Bayernoil. According to the Ministry of Economy, this is necessary so that the refineries in Schwedt, Karlsruhe and Wochburg can continue production.
The agency explained that the reason for introducing custody management on Rosneft Deutschland and RN Refining & Marketing is the evolving market situation due to its close ties with Russia.
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