Germany takes over subsidiary of Russian oil giant Rosneft

Rosneft

The German government says it is taking control of Russian oil giant Rosneft’s subsidiary in Germany, citing the need to ensure continued operations at three oil refineries in the country.

The Economy Ministry said in a statement Friday that Rosneft Deutschland GmbH and RN Refining & Marketing GmbH will be put under the control of Germany’s Federal Network Agency.

The agency will also control the companies’ shares in three refineries: PCK Schwedt, MiRo and Bayernoil.

Rosneft accounts for about 12% of Germany’s oil refining capacity, it said.

The ministry said the move would help ensure continued energy supplies and is initially due to last for six months.