Majority Control of PCK Trustee Offering Preferred Solution - Majority control of PCK throughtrust is the superior choice, according to the Minister.
The PCK refinery, a crucial supplier of large parts of Northeast Germany and Berlin, has faced a temporary disruption in its oil supply due to an attack on the Druschba pipeline in Russia. The refinery, located in Schwedt, Brandenburg, has been under federal control since Russia's attack on Ukraine, with the German government taking over Rosneft subsidiaries that own 54% of the PCK refinery.
The Federal Ministry for Economic Affairs and Energy has decided to extend the trusteeship over Rosneft Germany, maintaining federal control over the majority stake of the Russian state-owned Rosneft in the PCK refinery until March 2026. This means that the Federal Network Agency will continue to oversee the three locations including the PCK refinery.
Federal Minister Daniel Keller, who supports an extended federal trusteeship over the shares of Rosneft in the PCK refinery, emphasized that a decision on a renewed extension of the trusteeship lies solely with the federal government. Keller considers the extension of the federal trusteeship over Rosneft in the PCK refinery important for its continued operation, economic stability, job security, and reliable fuel supply to the region.
The PCK refinery supplies gasoline, heating oil, and jet fuel to its regions. After the repair of the damage, the crude oil throughput in the first half of 2022 at the PCK refinery averaged over 80% per month. However, prior to the federal government's decision to stop using Russian pipeline oil, the refinery had relied on Russian supplies.
The German Press Agency reported on the temporary disruption to the oil supply due to the attack on the Druschba pipeline. The State Corporation currently has control over Rosneft subsidiaries in the PCK refinery. The Federal Ministry of Economics is expected to decide on the further course of action regarding the trusteeship.
The extension of the federal trusteeship over Rosneft in the PCK refinery is considered important for stability by Minister Daniel Keller. The refinery had to find other sources of supply after the federal government decided to stop using Russian pipeline oil, and its continued operation is vital for the region's economic stability and job security.
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