Germany Takes Control Of Rosneft S Oil Refineries
The move secures the future of PCK, a Rosneft-owned refinery in the northeastern German city of Schwedt, whose future was threatened by an impending EU embargo on Russian oil imports. PCK is located at the top of the “Druzhba” pipeline, which transports crude approximately 4,000 kilometers from central Russia directly to Schwedt. Authorities’ efforts to secure alternative oil supplies for the refinery have been complicated by the fact that Rosneft is its majority owner, controlling 54 percent of its shares....