The German subsidiary of Russian oil giant Rosneft was placed under trusteeship, giving Germany's federal regulator control of the PCK refinery in Schwedt, a key source of fuel for the country
under the trusteeship of the industry regulator and taking over the business' Schwedt refinery, which supplies 90% of Berlin's fuel.
"With the trusteeship, the threat to the security of energy supply is countered and an essential foundation stone is set for the preservation and future of the Schwedt site," the ministry said in a statement.Governments across Europe have been racing to prop up their power providers and secure fuel deliveries as they ratchet up sanctions on major supplier Russia over its invasion of Ukraine.
Moscow has retaliated by reducing gas flows and has threatened to shut off all the taps, sending prices soaring and raising the prospect of energy rationing in Europe this winter. Rosneft Deutschland, which was majority owned by the Russian oil group and accounts for about 12% of German oil processing capacity, is being placed under the trusteeship of the Federal Network Agency regulator. The regulator said the original owner no longer had authority to issue instructions.Polish refiner PKN Orlen
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