Germany takes control of Russian firm Rosneft’s operations in the country
Live MintBerlin said Friday it had taken control of the German operations of Russia firm Rosneft, which runs several refineries, to secure energy supplies which have been disrupted after Moscow invaded Ukraine. Rosneft's German subsidiaries, which account for about 12 percent of oil refining capacity in the country, were placed under trusteeship of the Federal Network Agency, the economy ministry said in a statement. The federal network regulator will take over RN Refining & Marketing GmbH and Rosneft Deutschland GmbH, which accounts for around 12% of Germany’s oil processing capacity, and its stakes in oil refineries in Schwedt, Karlsruhe and Vohburg, the economy ministry said Friday. Its net profit still rose to 432 billion rubles following an increase in crude oil prices due to rising global demand and supply constraints brought about by the Russian operation in Ukraine.