Germany Extends Rosneft Trusteeship on Planned Sale

Germany is extending the order for the trustee administration of Rosneft Deutschland GmbH and RN Refining & Marketing GmbH for the third time, now until 10 September, according to emailed statement seen by Bloomberg.

• This means Germany will retain control over the company’s shares in the PCK Schwedt, MiRo and Bayernoil refineries.
• The German government has decided to extend the trusteeship once again after the Russian owners declared their intention to sell their shares in RDG and RNRM during the extended term.
• “Rosneft Russia has now stated that it has started a sales process and wants to finalize this during the period of a further trusteeship extension”, the German economy ministry said earlier this month.
• In late February, Eni has said it is evaluating its options over the sale of its minority stake in Germany’s PCK Schwedt refinery.