The German Ministry of Economy informed Rosneft (MOEX: ROSN) about plans to expropriate shares of the company’s German assets. The Rosneft law firm in Germany, Malmendier Legal, announced this on LinkedIn. Representatives of the company promised to take all measures to protect the rights of shareholders.
On February 6, the German Ministry of Economy notified Rosneft: if Russia regains control over the companies, including the main Berlin oil refinery PCK Schwedt, their work will be in jeopardy because the partners refuse to cooperate.
Rosneft will take all measures to protect the rights of its shareholders, the law firm added. Representatives of Malmendier Legal believe that such an expropriation would be an unprecedented measure and would permanently damage investment security in Germany.
Rosneft owns 54.17% of the PCK Schwedt oil refinery in Schwedt. In September 2022, the German government ordered the transfer of oil refining assets to the Russian company to the Federal Network Agency. Rosneft is challenging this decision in the Federal Administrative Court of Germany.
How Germany is preparing to nationalize oil refineries – in the material “Rosneft is turning off Schwedt”.