Concern about energy supply
Berlin is examining the rescue of German subsidiaries of Russian companies
3/31/2022, 9:57 p.m
The federal government sees the energy supply threatened. According to a report, the Ministry of Economic Affairs is therefore examining the nationalization of the German subsidiaries Rosneft Germany and Gazprom Germania. Both are considered systemically important for the German energy market.
According to a report, various scenarios are being played out in the federal government in the event that the German subsidiaries of Russian state-owned companies get into serious difficulties. The “Handelsblatt” reported that it was about the possibility of nationalizing or even expropriating the German subsidiaries of the energy giants Gazprom and Rosneft. The government wants to prevent a massive impairment of the energy supply, especially in eastern Germany. According to the report, the topic lies with the Federal Ministry of Economics. The newspaper referred to several government officials.
As companies in the energy sector, Rosneft Germany and Gazprom Germania are exempt from Western sanctions. The sanctions still had an impact on the companies, wrote the “Handelsblatt”. Banks and business partners have distanced themselves from Russian-owned companies since the sanctions against Russia came into force. The newspaper quoted an unspecified insider as saying that the danger of “technical bankruptcy” cannot be dismissed out of hand.
The two companies are of great importance for the German energy supply. Gazprom Germania operates large gas storage facilities, Rosneft Germany accounts for 25 percent of the German refinery business. According to insiders, according to the “Handelsblatt”, employees in the Federal Ministry of Economics have been working intensively for weeks on the question of how the continued operation of the PCK refinery in Schwedt can be guaranteed. Partly owned by Rosneft, it supplies the Berlin/Brandenburg area with petrol, diesel, heating oil and kerosene.
According to the “Handelsblatt”, the insiders said that the federal government’s entry into the refinery was an option that had to be kept open. They considered it extremely unlikely that other oil companies would step in.