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Germany takes control of Russian-owned oil refineries

Germany takes control of Russian-owned oil refineries



EU countries agree to reduce gas consumption to prep for winterReplayMore Videos ... (15 Videos)EU countries agree to reduce gas consumption to prep for winterThis is what Chevron's CEO thinks about climate change 'I can't withstand the heat': Americans behind on utility bills face extreme weatherInflation is cooling but prices are still painfully highIEA director says Europe needs to lower gas consumption to prepare for winterNord Stream 1 makes Europe more reliant on Russian gas. Here's whyThis country is preparing for Russia to cut off its gas supply soonHungarian foreign minister on why the country is still buying Russian energyThree reasons gas prices are expected to stay high'Not acceptable': Biden calls out oil refinery profit margin in letterFact-checking Biden's claim that Putin shares blame for inflationHear why this gas station owner is selling gas at a lossThis is what determines the price of gasOECD secretary-general explains global cost of the Russian oil embargoHow gas prices and inflation could impact midterm electionsBerlin/London (CNN Business)The German government has seized control of three Russian-owned oil refineries to secure supplies of gasoline, diesel and aviation fuel.

Germany's economy ministry announced on Friday that it had temporarily taken over Russian oil giant Rosneft's subsidiaries in the country. Rosneft Deutschland and RN Refining & Marketing account for about 12% of Germany's oil refining capacity, the ministry said in a statement. The move was designed to "counter the threat to the security of energy supply," it added.Europe has been embroiled in a bitter energy standoff with Russia since Moscow invaded Ukraine in late February, and its imports of Russian oil and natural gas have fallen sharply.Germany's Federal Network Agency, which regulates its gas and electricity industries, will control Rosneft's shares in three refineries: PCK Schwedt, near Berlin, MiRo, near Heidelberg, and Bayernoil in Bavaria. Read MoreFuel for the capitalThe Schwedt refinery is particularly important to Germany's energy needs, processing about 220,000 barrels of crude a day. It is responsible for supplying about 90% of Berlin's fuel, according to Reuters.In May, the European Union agreed to ban 90% of Russian oil imports by the end of the year to choke off a vital source of funding for Moscow's war in Ukraine. Russia delivers crude oil to the Schwedt refinery via the Druzhba pipeline. The German economy ministry said that it would try to find alternate supply routes. Shell (SHLX), which owns a 37.5% stake in Schwedt, told CNN Business on Friday that it was "unaffected" by the takeover. "[Shell] will continue to comply with its contractual obligations in accordance with its own shares," a company spokesperson told CNN Business. Shell added that it could not speculate on how Schwedt would continue to operate.


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