The German government will extend its trusteeship over the Schwedt oil refinery. Meanwhile, a potential sale of the Russian-owned shares to Qatar is under discussion.
The PCK oil refinery in Schwedt, located in northeastern Brandenburg, will remain under the control of the German state for the time being. According to information from the German Press Agency (dpa), the federal government plans to extend its trusteeship over the majority shares of the Russian state-owned company Rosneft in the PCK refinery. Originally, the trusteeship was set to expire on September 10.
Government’s control since 2022
The federal government took control of Rosneft’s shares in September 2022 as part of its response to Russia’s invasion of Ukraine. The trusteeship was established to prevent the import of Russian oil, aligning with the German government’s sanctions against Russia. By early 2023, the refinery had shifted to alternative oil sources. The trusteeship had already been extended in March for six more months, covering not only Schwedt but also two other facilities. The legal basis for this action is the Energy Security Act, with Rosneft currently holding a 54% stake in the PCK refinery.
Qatar as a potential buyer?
Discussions regarding the sale of Rosneft’s shares in the refinery have gained momentum, with the Gulf state of Qatar emerging as a potential buyer. Recent reports from “Business Insider,” confirmed by dpa insiders, indicate that the German government is engaged in talks on this matter. However, the sale would be negotiated directly between Rosneft and Qatar, with the German government overseeing the transaction under foreign trade laws. Rosneft is reportedly open to selling its shares.
Minister: Moving away from expropriation
Brandenburg’s Minister of Economic Affairs, Jörg Steinbach (SPD), views the extension of the trusteeship as a sign of Rosneft’s genuine interest in selling its majority stake. “I am very pleased that the Russian side is evidently interested in independently selling their facilities and refineries in Germany and has entered into serious negotiations with a suitable buyer—the Qataris,” Steinbach told dpa in Potsdam.
Steinbach emphasized that the extended trusteeship offers an opportunity to step away from the more complex and risky path of expropriation. Regarding Rosneft’s plans to sell its refinery shares, he noted that such a process typically takes several months. “It would be a particularly swift process if we were to receive any relevant signals by the end of the year.”
Left Party advocates for state intervention
Christian Görke, a Bundestag member from the Left Party, argued that the federal government should quickly intervene in PCK to preserve this crucial structural asset and the thousands of jobs it supports in the region. “What works in the West with the federal government’s involvement in the Meyer Werft shipyard in Papenburg must also be possible in the East,” Görke stated.
