Rosneft called the transfer of its subsidiaries under state control in Germany an expropriation

Rosneft commented on the decision of the German authorities to transfer two of its subsidiaries to the trust management of the Federal Network Agency. The company said that in this case it loses the ability to ensure the industrial and environmental safety of German refineries. The company noted that it considers this step a violation of the principles of a market economy and civilization and expropriation, and also did not rule out that it would go to court to protect its interests.

“This decision is illegal and, in fact, is an expropriation of shareholding as a result of a situation deliberately created by the relevant EU sanctions and the actions of German and Polish regulators, the purpose of which was to seize assets. Rosneft sees this as a violation of all the fundamental principles of a market economy, the civilizational foundations of a modern society built on the principle of the inviolability of private property. statement Rosneft.

The company noted that it complied with all the requirements of German regulators. Rosneft’s total investment in oil refining projects in Germany amounted to €4.6 billion. The company also had plans to further develop production and refinery infrastructure. Investment programs provided for the implementation of “green” projects, projects in the field of petrochemistry and energy.

“The company understands that the decision taken by the Federal Government of Germany is not temporary, and, in fact, means the irretrievable loss of assets. Rosneft will work out all possible measures to protect shareholders, including going to court,” Rosneft said.

In connection with the unilateral decision to change the head of the executive body and due to the occurrence of force majeure circumstances provided for by the current intra-corporate contract between PJSC NK Rosneft and Rosneft Deutschland GmbH, as reported by Rosneft, the latter is subject to re-signing with a person authorized by the German government.

“The company is ready to discuss the possible parameters of a new contract, subject to guarantees of payment for the delivered raw materials, protection of investments (in the interests of the company’s shareholders) and the legal rights of the personnel of the enterprises,” the Russian oil holding concluded.

16 September German Ministry of Economy reportedthat the government transfers Rosneft Deutschland GmbH and RN Refining & Marketing GmbH to trust management for six months, until February 2023. Control over the assets will be given to the Federal Grid Agency. By words German Chancellor Olaf Scholz, this decision was taken to protect Germany in the field of energy.

Daria Erozbek