Germany takes control of Russian-owned oil refineries:
The facilities of the oil refinery on the industrial site of PCK-Raffinerie GmbH, jointly owned by Rosneft, are illuminated in the evening in Schwedt, Germany, on May 4, 2022. (Patrick Pleul/dpa via AP, File)
On Friday, Germany’s economy ministry announced that it has seized control of three Russian-owned oil refineries to secure supplies of gasoline, diesel, and aviation fuel. Germany's Federal Network Agency, which regulates its gas and electricity industries, will be in charge of controlling Rosneft's shares in the three refineries: PCK Schwedt, near Berlin, MiRo, near Heidelberg, and Bayernoil in Bavaria. The ministry says they account for roughly 12% of Germany's oil refining capacity and that this was meant to "counter the threat to the security of energy supply.” Europe has been embroiled in a bitter energy standoff with Russia since Moscow invaded Ukraine in late February, leading its imports of Russian oil and natural gas to have fallen sharply. The Schwedt refinery is especially important to Germany's energy needs, processing about 220,000 barrels of crude a day. It alone supplies about 90% of Berlin's fuel, according to Reuters.