Germany took control of the German business of Russian oil giant Rosneft as Berlin races to safeguard its energy supplies before its ban on Russian oil imports kicks in
BERLIN—Germany took control of the German business of Russian oil giant Rosneft Oil Co. as Berlin races to safeguard its energy supplies before its planned ban on Russian oil imports kicks in later this year.
“The trusteeship counteracts the impending threat to the security of the energy supply and lays an important foundation for the preservation and future of Schwedt,” the economy ministry said Friday. Existing pipelines can supply Schwedt with non-Russian oil, but not enough to allow the refinery to operate at capacity, the manager said. Expanding the pipelines’ capacity would cost hundreds of millions of euros and take up to three years, the PCK manager said.
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