Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. refinery The pipeline is owned by PCK Raffinerie. The refinery, brought under state control under Germany's energy security law, can continue to operate but not at full capacity, a spokesperson for the economy ministry said on Friday. BERLIN, Dec 9 (Reuters) - Germany expects a decision next week on how the Schwedt refinery will be supplied as a ban on Russian oil takes effect, the Economy Ministry said late on Thursday. Germany takes subsidiary of Russian oil giant Rosneft under state ... The refinery has received all its crude from Russia via the Druzhba pipeline since it was built in the 1960s. The two governments on Thursday met in Berlin to discuss how the two German refineries could continue to operate after the embargo on Russian oil comes into effect. Large residential areas were built for the workers moving to Schwedt. Due to this change if you are seeing this message for the first time please make sure you reset your password using the Forgot your password Link. The industry leader for online information for tax, accounting and finance professionals. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. In a dramatic shift in policy, Germany is now scrambling to reduce its heavy dependence on Russian raw materials. See here for a complete list of exchanges and delays. All quotes delayed a minimum of 15 minutes. Shell continues to operate Germany's Rheinland refinery, the country's largest, which processes 327,000 of crude oil and consists of two sites; Wesseling and Godorf. 18th Dezember 1963 Commissioning of the crude oil pipeline. Rosneft has a 54% stake in the facility. This has the advantages of quick delivery and integration into the refinery's energy system. Shell aware of responsibility for German Schwedt refinery ... - Reuters refinery 18th Dezember ⦠Mexico’s Business Class Is Doing Fine Under AMLO, The Markets Believe in American Exceptionalism, Google’s Top Lawyer Preps for Fights Over AI and Tech ‘Censorship’, Moving Saharan Sunshine to Europe via Undersea Cables, Giorgia Meloni Seeks to Cement Power by Remaking Corporate Italy, China’s Mysterious Entertainment Crackdown Hits Gay Pride Events, Japan Aims for Women to Make Up 30% of Directors at Top Firms, Finding Ways to Get Polluters to Pay for Climate Damages, South Africa Seeks Water Investment With New Procurement Office, ‘Bounty Hunters’ Are Earning Money for Voter Signatures in California. The government has placed the Russian oil giant's three refineries in Germany under trusteeship as it seeks to manage the impact of the energy crisis. However, it is not a foregone conclusion that the law will be applied since, due to the precedent-setting nature of the tools, its use is treated as a last resort. Alcmene eyeing takeover of Germany's Schwedt refinery VERBIO Schwedt GmbH "Shell remains unaffected by this order as a 37.5% shareholder in PCK Schwedt and will continue to comply with its contractual obligations in accordance with its own shares," Shell said in an emailed statement. LONDON, Sept 16 (Reuters) - Shell said on Friday it was "unaffected" by the German government's decision to place the PCK Schwedt oil refinery under a trusteeship, effectively taking control away from Russian majority owner Rosneft (ROSN.MM). That would amount to some 3.5 million tonnes per year, the rest would come via Rostock on the Baltic, the person said. The refinery started operations in 1964 and has a Nelson Complexity Index (NCI) of 9.8. We drive Berlin and Brandenburg! Schwedt Refinery The oversupply of coal globally and continued subdued demand have pushed sellers and traders from... Rosneft to become Germany's number two refiner after move on Shell stake, Market Movers Europe, June 6-10: OPEC+ announces aggressive production cut; carbon markets gather in Germany, INTERVIEW: Varying EU ethanol mandates cloud biofuel demand outlook: ePURE, Commodity Tracker: 5 charts to watch this week, Rosneft pre-empts Shell's sale of PCK Schwedt stake, Russian giant already Germany's third-biggest refiner, Shell still owns Germany's biggest refinery. "Concerning the takeover of additional shares in the PCK (Schwedt) refinery by Rosneft, an investment review process has been launched," the spokesperson said in response to an enquiry. Germany took control of the Schwedt refinery, which was majority owned by Rosneft Deutschland, last Friday as ⦠PCK Oil Refinery, Schwedt/Oder, Brandenburg, Germany The industry leader for online information for tax, accounting and finance professionals. After several years of growing tensions, the potential for a reset under Australia's new Labor government is in question as trade sanctions remain and diplomatic disputes persist. Since the outbreak of the war, the company is thought to have had problems with financing, as German banks were expected to start refusing to cooperate with it. Germany in September took control of the Schwedt refinery, which was majority owned by Russia's Rosneft (ROSN.MM), as part of efforts to shore up the country's energy supply. The BBC is not responsible for the content of external sites. Germany said this week it would step up lending to energy firms at risk of being crushed by soaring gas prices after Russia cut supplies to Europe in retaliation for Western sanctions. The deal, which is subject to government and regulatory approvals, will see Rosneft's capacity grow by around 86,000 b/d to 344,000 b/d, making the Russian player the second-biggest refiner in the country behind Shell. Can UK’s Storm Shadow missiles change Ukraine war? The German government placed PCK refinery in Schwedt, Brandenburg, under trusteeship. There were concerns in Berlin that the Russian firm would simply suspend operations at the plant, rather than use non-Russian oil. Rosneft (54.17%), Royal Dutch Shell (37.5%), and Eni (8.33%). It is unclear who will step in to replace Rosneft as operator of the 233,000 barrel per day refinery, which Shell has sought to sell out of. Shell , a minority shareholder in the German PCK Schwedt refinery operated and majority-owned by Russia's Rosneft , will take on more responsibility for the site in ⦠refinery Since the Druzhba pipeline was established in the 1960s, the refinery has only ever gotten its oil from Russia. 30th Dezember 1958 Registration of a company as a petroleum processing plant in Schwedt (EVW) 11th November 1960 November Foundation stone laid. Polish firm wants Rosneft's old stake in PCK Schwedt refinery 90 percent of the supply of gasoline, jet fuel, diesel and fuel oil in Berlin & Brandenburg is supplied by PCK. That move was put on hold by the German government in March. Ersatz für russische Pipeline Polen sagt Öllieferung für Raffinerie Schwedt zu. Russia sanctions: How can the world cope without its oil and gas? Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Read about our approach to external linking. The Schwedt facility continues to be supplied exclusively by Russian crude oil sent via Poland through the Druzhba (Friendship) oil pipeline. G7 agrees to impose price cap on Russian oil, Evacuations under way as water gushes through damaged Ukrainian dam, Nearly 100 bodies unidentified after India train crash, Inside the Taliban's drug war - opium poppy crops slashed. As EU member states push for a Russian oil embargo, Germany's PCK Schwedt refinery is facing an uncertain future. Shell first announced a deal to sell its stake in Schwedt to a subsidiary of Estonia's privately owned Liwathon Group in July as part of a strategy to reduce its global refining footprint to a number of core, integrated sites. Germanyâs fourth-largest refinery, Schwedt, serves as Berlin and the surrounding areaâs primary source of gasoline, diesel, and aviation fuel. Schwedt Germany’s Schwedt oil refinery has started processing US crude blended with Russian Urals, according to a person familiar with the matter. Reuters, the news and media division of Thomson Reuters, is the worldâs largest multimedia news provider, reaching billions of people worldwide every day. See here for a complete list of exchanges and delays. Rosneft, already the third-largest player in the German refining sector by capacity, has been growing its downstream footprint in Germany over the last decade. Please use the button below and we will bring you back here when complete. It is situated near the Germany-Poland border, in the Brandenburg state of Germany. Jungmann Systemtechnik was contracted for interior design and supply of technical equipment for the new control room at the PCK refinery. Schwedt also supplies parts of Poland. You must have JavaScript enabled to use this form. Summary German energy industry reeling since war in Ukraine German regulator now has control of Schwedt refinery Schwedt refinery is a main fuel source for Berlin PKN interested in controlling stake in refinery - sources BERLIN, Sept 16 (Reuters) - Germany took control of a major Russian-owned oil refinery on⦠BERLIN, Dec 9 (Reuters) - Germany expects to reach a decision next week on how the Schwedt refinery will be supplied as a ban on Russian oil takes effect, the Economy Ministry said late on Thursday. Warsaw said earlier this year that ending Russian ownership of the refinery was a condition for potentially supplying it with sea-borne oil via a terminal in Gdansk and via Polish pipelines to replace Russian crude. Schwedt refinery Consideration is also being given to supplying the plant with crude oil from the federal oil reserve, deepening the Rostock waterway to enable it to handle larger cargoes and supplementing the refinery's supplies with rail transport. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. The move would effectively remove control from Russia's Rosneft. Rosneft subsidiary in Germany placed under state trusteeship See here for a complete list of exchanges and delays. The Druzhba crude oil pipeline originates in south-eastern Russia, and at Mozyr in Belarus, it is split into the Northern and Southern Druzbha lines. From this purchase, Rosneft will increase its shareholding in PCK from 54.17% to 91.67%. The refinery uses 20 million cubic meters of water per year for the process. We have recently upgraded our technology platform. Der russische Ölkonzern Rosneft scheiterte mit seiner Klage. Germany takes over Rosneft oil refineries - LA Wire Germany takes control of Russian-owned refinery amid energy crisis . The Schwedt refinery -- which also supplies western Poland with petroleum products -- poses the biggest challenge in terms of fully weaning Germany off Russian crude because it isnât in Rosneftâs interest to do so, Habeck said. Rosneft owns 28% and 24% stakes respectively. In late 2021, Rosneft announced plans to increase its stake in the refinery from 54 to 92 percent by buying shares from Shell. Saudi Arabia will make a deep cut to its output in July in addition to a broader OPEC+ deal to limit supply to the end of 2024 as the group faces flagging oil prices. Saudi Arabia will make a deep cut to its output in July in addition to a broader OPEC+ deal to limit supply to the end of 2024 as the group faces flagging oil prices. Crude oil will remain one of the most important sources of energy in Germany for decades to come. The move by the government puts it in charge of Rosneft's stakes in three refineries in the country. Refinery Our Standards: The Thomson Reuters Trust Principles. What oil production cuts were agreed at OPEC+ meeting? Exclusive news, data and analytics for financial market professionals, Reporting by Christian Kraemer and Marek Strzelecki, writing by Kirsti Knolle, editing by Rachel More, Matthias Williams and Jane Merriman, Oil falls as economic fears overshadow Saudi output cut, Kazakhstan to press ahead with $16.5 bln claim against oil majors, Saudi cuts unlikely to lift oil prices to high $80s-low $90s, Citi says, Shell to exit European home retail energy businesses. Other foreign players include BP (BP.L) and Totalenergies (TTEF.PA). "We are monitoring the situation in the region," the refiner's press office said in response to a question from Reuters. Discover more about S&P Global’s offerings. We want to hear from you. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Germany takes control of Russian-owned oil refineries - CNN ⦠Germany has launched such reviews in the past when it has considered there were grounds to suspect that investments or acquisitions could be against the public interest. French-German relations during the polycrisis, Turkey: first nuclear power plant under Russian rules, Novatek is taking over Shell’s assets in Sakhalin, Initial legislative work on the act was accompanied by media speculation, fuelled by statements from government representatives, that the new legislation is being drafted mainly with the PCK (. The act gives the government new tools to solve the ownership problem of the Schwedt refinery. Germany took control of a major Russian-owned oil refinery on Friday, risking retaliation from Moscow as Berlin strives to shore up energy supplies and meet its European Union commitment to eliminate Russian oil imports by ⦠Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The decision on the establishment of the trust and the expropriation will be made by decree of the Minister of Economic Affairs and Climate Action (this post is currently held by Vice-Chancellor Robert Habeck, Green Party). That included Rosneftâs 54.17% of the Schwedt refinery. BERLIN: Germany and Poland have signed a deal aimed at securing the supply of oil to the Schwedt refinery after ending reliance on Russian oil, Germany 's economy ministry said on Thursday. Why Putin has put this religious art on display, The one thing Mike Pence needs to beat his old boss. Due to Rosneft's attitude being aimed at obstruction, Berlin views regaining control of the refinery from Rosneft as a precondition for starting the process of switching from Russian oil at the Brandenburg site. Schwedt refinery The German government has taken temporary control of two subsidiaries of the Russian energy giant Rosneft. Located 120 km northeast of Berlin, the PCK Schwedt refinery is supplied with Russian Urals crude through the major Druzhba oil pipeline. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The supply proposal assumes that two to three ships with 100,000 tonnes each a month of non-Russian oil would be unloading for Schwedt in Gdansk in Poland as of next year, a source familiar with the negotiations on the Polish side said. These parties are demanding a rejection of the embargo or at least a special exemption for East German refineries, along the lines as the one the European Commission is proposing for Hungary, for example. It produces a range of refinery products, including petrol, diesel, aviation turbine fuel, LPG, extra light heating oil, heavy fuel oil, bitumen, benzene, toluene, xylene, and sulphur. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Scholz also noted that Polish refiner PKN Orlen was interested in buying a controlling stake in the Schwedt refinery. The Rostock to Schwedt pipeline is connected to the Northern Drzubha line at Heinersdorf. The refinery receives majority of the crude oil supply through the Druzhba pipeline from Russia. Saudi Arabia will make a deep cut to its output in July in addition to a broader OPEC+ deal to limit supply to the end of 2024 as the group faces flagging oil prices. The port recently took delivery of its first cargo of US oil in at least half a decade. Sources: PERN, German Petroleum Industry Association (MWV, from 2021 – En2X). It is unclear who could step in to replace Rosneft as operator of the refinery. "We do not want to speculate about measures in the context of the continued operation of the refinery in Schwedt (or other locations) that may or may not be taken by the government.". Schwedt Refinery - A Barrel Full - Wikidot Refinery. Immediately before his visit to the PCK refinery in Schwedt, Brandenburg, Federal Economics Minister Robert Habeck declared that he saw a future for the company, which was threatened by the planned oil embargo against Russia. refining World sees China as potential coal destination amid oversupply, fragile demand, Commodity Prices and Essential Market Data, Navigating the Future: Energy Transition & Carbon Markets at APPEC, Shell (32.25%), ExxonMobil (25%), Rosneft (24%), Phillips 66 (18.75%). It put Rosneft Deutschland under a trusteeship of the German industry regulator but Rosneft still holds 54.17% of the refinery. Berlin aims to eliminate Russian oil imports by the end of the year as per European Union sanctions and has for months been working with Poland to try to secure supply for Schwedt, which provides 90% of Berlin's fuel. The document will enter into force the following day. Rosneft exercised the pre-emption right to buy a 37.5% share of the PCK (Schwedt) refinery from Shell. Image courtesy of PCK Raffinerie GmbH. One possibility for a change of ownership would be a so-called technical insolvency, if Rosneft itself could no longer supply oil for the refinery due to the embargo or sanctions planned by the end of the year. Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day. The possibility of using this solution is, however, severely restricted by the capacity of the route already used by the second of the East German refineries, Leuna in Saxony-Anhalt. It runs wholly on Russian imports, ⦠Schwedt refinery If this is an opportunistic buy it might be worth considering. The Federal Network Agency has also taken control of Rosneft Deutschland's shares in the MiRo refinery in Karlsruhe and Bayernoil refinery in Vohburg. Supplies via the Druzhba pipeline that feed Schwedt are exempt from the EU sanctions on Russian crude but Warsaw and Berlin pledged to ditch deliveries from Moscow from 2023. The refinery also supplies aviation turbine fuel to the airports in Berlin. The German government placed PCK refinery in Schwedt, Brandenburg, under trusteeship. The rest lies with the Italian Eni. A German court last week threw out an appeal by Rosneft over the move. The amendment still needs to be approved by the Bundesrat, and it is on the agenda of the chamber on 20 May. See here for a complete list of exchanges and delays. Schwedt then could meet the needs of the Berlin region, supply the nearly 600 German gas stations owned by Poland's Orlen (PKN.WA) and provide some fuels for the western Poland region, the source said. According to industry experts, this will be a lengthy process (several weeks) and expensive. "There's a question if Schwedt refinery would adjust to non-Russian crude without losses on production yields, but if this is an opportunistic buy it might be worth considering," Michal Kozak, senior equity analyst at Trigon brokerage told Reuters. Now Reuters reports that Polish refiner PKN Orlen wants to take over ⦠Schwedt refinery It is situated near the Germany-Poland border, in the Brandenburg state of Germany. A large paper factory is located near Schwedt. 1st April 1964 - First stage in the processing of crude oil (2 million t / a) See here for a complete list of exchanges and delays. All Rights Reserved. Now Reuters reports that Polish refiner PKN Orlen wants to take over the part of the facility owned by Russia's Rosneft. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Germany, Poland aim to secure oil supply to Schwedt refinery Germany's Schwedt refinery losing out in race from Russian oil refinery With Rosneft in charge that was seen as an impossible task. What oil production cuts were agreed at OPEC+ meeting? Panasonic to boost battery output at Tesla's Nevada Gigafactory by 10%, US bank shares fall after Treasury debt issuance, proposed new capital requirements, Indonesia Pertamina finalising takeover of Shell's Masela shares -CEO, Novavax exec says its new COVID shot should work against variants on the rise. Varo Energy (51.43%), Eni (20%), Rosneft (28.57%). Germany, Italy, Spain, the UK and the Netherlands are the ⦠On Friday, the German government handed control of the PCK Schwedt refinery in Brandenburg to the national energy regulator, along with stakes in two other refineries in the south of the country. The industry leader for online information for tax, accounting and finance professionals. Alcmene, a subsidiary of oil terminals operator Liwathon, agreed to acquire a 37.5% stake in PCK Raffinerie from Shell in July 2021. Shell estimated that the value of its hydrocarbon inventory at the refinery would range between $150 million and $250 million. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. On 12 May, the Bundestag voted through an amendment to the Act on ensuring the energy supply (Energiesicherungsgesetz). If the Economy Is So Bad, Why Is the Labor Market So Good? While Rosneft holds more than half of Schwedt, Shell has almost 40 percent. read more. Germany, Poland aim to secure oil supply to Schwedt refinery FRANKFURT -Vienna-based Alcmene Group is interested in taking over the partly Rosneft-owned PCK Schwedt refinery in eastern Germany, the Handelsblatt ⦠US crude brought in ⦠Russian state oil giant Rosneft has acquired Shell's minority stake in the 230,000 b/d PCK Schwedt refinery in northeastern Germany, boosting its downstream footprint in Europe's biggest economy where it will become the second-biggest refiner. Berlin put the refinery into a trusteeship in September but it was not until mid-February that it drafted legal changes allowing the sale of Rosneft's stake without the need for prior nationalisation. PCK Raffinerie operates the Schwedt cracking refinery, which is located in Brandenburg, Germany. Three German Refineries Affiliated With Russian Rosneft Under ... To continue reading you must login or register with us. It claimed critical suppliers such as insurance companies, IT providers and banks were no longer willing to work with Rosneft, either with the subsidiaries themselves or through the refineries. Shell SHEL has relaunched the sale of its stake in the PCK Schwedt (C}RO7309414219) oil refinery outside Berlin after the German government last year took control of the plant from its Russian operator, industry sources told Reuters.. Receive daily email alerts, subscriber notes & personalize your experience. Ukraine war: G7 agrees to impose price cap on Russian oil, Singapore to hold final horse race after 180 years, Ukraine troops advance on eastern front, Kyiv says, Apple unveils $3,499 mixed reality headset, Pilot of crashed US plane was slumped over - reports. Since the Druzhba pipeline was established in the 1960s, the refinery has gotten all of its oil from Russia through it. The British company's efforts to sell its 37.5% stake in the refinery, Germany's fourth-largest which ⦠All quotes delayed a minimum of 15 minutes. The PCK Schwedt refinery supplies 90% of Berlin's fuel. © 2023 BBC. Germany and Poland have signed a deal aimed at securing the supply of oil to the Schwedt refinery after ending reliance on Russian oil, Germany's economy ⦠The first reports of these plans emerged on 12 April, and as early as on 25 April the new regulations were adopted by the federal government and submitted to the Bundestag (via coalition groupings in order to expedite the procedure). Schwedt also supplies parts of western Poland. Factbox: German refineries seek to operate without Russian crude The landlocked refinery is the source of 90% of Berlin's fuel and has received all its crude from Russia via the Druzhba pipeline since the plant was built in the 1960s. 01.12.2022, 19:30 Uhr. The ministry said Friday's move included a package to ensure the Schwedt refinery could receive oil from alternative routes. PCK Raffinerie holds a 45% stake in the German section of the Druzhba pipeline. Crude oil will remain one of the most important sources of energy in Germany for decades to come. That deal was scuppered by the Ukraine war. See here for a complete list of exchanges and delays. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. In a similar move in April, Germany took control of subsidiaries of Russian gas giant Gazprom. Germany in September took control of the Schwedt refinery, which was majority owned by Russia's Rosneft (ROSN.MM), as part of efforts to shore up the country's energy supply. Poland's climate ministry and the German economy ministry were not available for comment. Berlin announced that the plan for the plant includes covering expected financial losses. You exceeded the limit of bookmarked content(only 15 bookmarks are allowed).Please remove one of the bookmarks. Rosneft exercised the pre-emption right to buy a 37.5% share of the PCK (Schwedt) refinery from Shell. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
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Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. refinery The pipeline is owned by PCK Raffinerie. The refinery, brought under state control under Germany's energy security law, can continue to operate but not at full capacity, a spokesperson for the economy ministry said on Friday. BERLIN, Dec 9 (Reuters) - Germany expects a decision next week on how the Schwedt refinery will be supplied as a ban on Russian oil takes effect, the Economy Ministry said late on Thursday. Germany takes subsidiary of Russian oil giant Rosneft under state ... The refinery has received all its crude from Russia via the Druzhba pipeline since it was built in the 1960s. The two governments on Thursday met in Berlin to discuss how the two German refineries could continue to operate after the embargo on Russian oil comes into effect. Large residential areas were built for the workers moving to Schwedt. Due to this change if you are seeing this message for the first time please make sure you reset your password using the Forgot your password Link. The industry leader for online information for tax, accounting and finance professionals. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. In a dramatic shift in policy, Germany is now scrambling to reduce its heavy dependence on Russian raw materials. See here for a complete list of exchanges and delays. All quotes delayed a minimum of 15 minutes. Shell continues to operate Germany's Rheinland refinery, the country's largest, which processes 327,000 of crude oil and consists of two sites; Wesseling and Godorf. 18th Dezember 1963 Commissioning of the crude oil pipeline. Rosneft has a 54% stake in the facility. This has the advantages of quick delivery and integration into the refinery's energy system. Shell aware of responsibility for German Schwedt refinery ... - Reuters refinery 18th Dezember ⦠Mexico’s Business Class Is Doing Fine Under AMLO, The Markets Believe in American Exceptionalism, Google’s Top Lawyer Preps for Fights Over AI and Tech ‘Censorship’, Moving Saharan Sunshine to Europe via Undersea Cables, Giorgia Meloni Seeks to Cement Power by Remaking Corporate Italy, China’s Mysterious Entertainment Crackdown Hits Gay Pride Events, Japan Aims for Women to Make Up 30% of Directors at Top Firms, Finding Ways to Get Polluters to Pay for Climate Damages, South Africa Seeks Water Investment With New Procurement Office, ‘Bounty Hunters’ Are Earning Money for Voter Signatures in California. The government has placed the Russian oil giant's three refineries in Germany under trusteeship as it seeks to manage the impact of the energy crisis. However, it is not a foregone conclusion that the law will be applied since, due to the precedent-setting nature of the tools, its use is treated as a last resort. Alcmene eyeing takeover of Germany's Schwedt refinery VERBIO Schwedt GmbH "Shell remains unaffected by this order as a 37.5% shareholder in PCK Schwedt and will continue to comply with its contractual obligations in accordance with its own shares," Shell said in an emailed statement. LONDON, Sept 16 (Reuters) - Shell said on Friday it was "unaffected" by the German government's decision to place the PCK Schwedt oil refinery under a trusteeship, effectively taking control away from Russian majority owner Rosneft (ROSN.MM). That would amount to some 3.5 million tonnes per year, the rest would come via Rostock on the Baltic, the person said. The refinery started operations in 1964 and has a Nelson Complexity Index (NCI) of 9.8. We drive Berlin and Brandenburg! Schwedt Refinery The oversupply of coal globally and continued subdued demand have pushed sellers and traders from... Rosneft to become Germany's number two refiner after move on Shell stake, Market Movers Europe, June 6-10: OPEC+ announces aggressive production cut; carbon markets gather in Germany, INTERVIEW: Varying EU ethanol mandates cloud biofuel demand outlook: ePURE, Commodity Tracker: 5 charts to watch this week, Rosneft pre-empts Shell's sale of PCK Schwedt stake, Russian giant already Germany's third-biggest refiner, Shell still owns Germany's biggest refinery. "Concerning the takeover of additional shares in the PCK (Schwedt) refinery by Rosneft, an investment review process has been launched," the spokesperson said in response to an enquiry. Germany took control of the Schwedt refinery, which was majority owned by Rosneft Deutschland, last Friday as ⦠PCK Oil Refinery, Schwedt/Oder, Brandenburg, Germany The industry leader for online information for tax, accounting and finance professionals. After several years of growing tensions, the potential for a reset under Australia's new Labor government is in question as trade sanctions remain and diplomatic disputes persist. Since the outbreak of the war, the company is thought to have had problems with financing, as German banks were expected to start refusing to cooperate with it. Germany in September took control of the Schwedt refinery, which was majority owned by Russia's Rosneft (ROSN.MM), as part of efforts to shore up the country's energy supply. The BBC is not responsible for the content of external sites. Germany said this week it would step up lending to energy firms at risk of being crushed by soaring gas prices after Russia cut supplies to Europe in retaliation for Western sanctions. The deal, which is subject to government and regulatory approvals, will see Rosneft's capacity grow by around 86,000 b/d to 344,000 b/d, making the Russian player the second-biggest refiner in the country behind Shell. Can UK’s Storm Shadow missiles change Ukraine war? The German government placed PCK refinery in Schwedt, Brandenburg, under trusteeship. There were concerns in Berlin that the Russian firm would simply suspend operations at the plant, rather than use non-Russian oil. Rosneft (54.17%), Royal Dutch Shell (37.5%), and Eni (8.33%). It is unclear who will step in to replace Rosneft as operator of the 233,000 barrel per day refinery, which Shell has sought to sell out of. Shell , a minority shareholder in the German PCK Schwedt refinery operated and majority-owned by Russia's Rosneft , will take on more responsibility for the site in ⦠refinery Since the Druzhba pipeline was established in the 1960s, the refinery has only ever gotten its oil from Russia. 30th Dezember 1958 Registration of a company as a petroleum processing plant in Schwedt (EVW) 11th November 1960 November Foundation stone laid. Polish firm wants Rosneft's old stake in PCK Schwedt refinery 90 percent of the supply of gasoline, jet fuel, diesel and fuel oil in Berlin & Brandenburg is supplied by PCK. That move was put on hold by the German government in March. Ersatz für russische Pipeline Polen sagt Öllieferung für Raffinerie Schwedt zu. Russia sanctions: How can the world cope without its oil and gas? Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Read about our approach to external linking. The Schwedt facility continues to be supplied exclusively by Russian crude oil sent via Poland through the Druzhba (Friendship) oil pipeline. G7 agrees to impose price cap on Russian oil, Evacuations under way as water gushes through damaged Ukrainian dam, Nearly 100 bodies unidentified after India train crash, Inside the Taliban's drug war - opium poppy crops slashed. As EU member states push for a Russian oil embargo, Germany's PCK Schwedt refinery is facing an uncertain future. Shell first announced a deal to sell its stake in Schwedt to a subsidiary of Estonia's privately owned Liwathon Group in July as part of a strategy to reduce its global refining footprint to a number of core, integrated sites. Germanyâs fourth-largest refinery, Schwedt, serves as Berlin and the surrounding areaâs primary source of gasoline, diesel, and aviation fuel. Schwedt Germany’s Schwedt oil refinery has started processing US crude blended with Russian Urals, according to a person familiar with the matter. Reuters, the news and media division of Thomson Reuters, is the worldâs largest multimedia news provider, reaching billions of people worldwide every day. See here for a complete list of exchanges and delays. Rosneft, already the third-largest player in the German refining sector by capacity, has been growing its downstream footprint in Germany over the last decade. Please use the button below and we will bring you back here when complete. It is situated near the Germany-Poland border, in the Brandenburg state of Germany. Jungmann Systemtechnik was contracted for interior design and supply of technical equipment for the new control room at the PCK refinery. Schwedt also supplies parts of Poland. You must have JavaScript enabled to use this form. Summary German energy industry reeling since war in Ukraine German regulator now has control of Schwedt refinery Schwedt refinery is a main fuel source for Berlin PKN interested in controlling stake in refinery - sources BERLIN, Sept 16 (Reuters) - Germany took control of a major Russian-owned oil refinery on⦠BERLIN, Dec 9 (Reuters) - Germany expects to reach a decision next week on how the Schwedt refinery will be supplied as a ban on Russian oil takes effect, the Economy Ministry said late on Thursday. Warsaw said earlier this year that ending Russian ownership of the refinery was a condition for potentially supplying it with sea-borne oil via a terminal in Gdansk and via Polish pipelines to replace Russian crude. Schwedt refinery Consideration is also being given to supplying the plant with crude oil from the federal oil reserve, deepening the Rostock waterway to enable it to handle larger cargoes and supplementing the refinery's supplies with rail transport. It's been a half century since Australia and China established formal relations, but neither side is really celebrating. The move would effectively remove control from Russia's Rosneft. Rosneft subsidiary in Germany placed under state trusteeship See here for a complete list of exchanges and delays. The Druzhba crude oil pipeline originates in south-eastern Russia, and at Mozyr in Belarus, it is split into the Northern and Southern Druzbha lines. From this purchase, Rosneft will increase its shareholding in PCK from 54.17% to 91.67%. The refinery uses 20 million cubic meters of water per year for the process. We have recently upgraded our technology platform. Der russische Ölkonzern Rosneft scheiterte mit seiner Klage. Germany takes over Rosneft oil refineries - LA Wire Germany takes control of Russian-owned refinery amid energy crisis . The Schwedt refinery -- which also supplies western Poland with petroleum products -- poses the biggest challenge in terms of fully weaning Germany off Russian crude because it isnât in Rosneftâs interest to do so, Habeck said. Rosneft owns 28% and 24% stakes respectively. In late 2021, Rosneft announced plans to increase its stake in the refinery from 54 to 92 percent by buying shares from Shell. Saudi Arabia will make a deep cut to its output in July in addition to a broader OPEC+ deal to limit supply to the end of 2024 as the group faces flagging oil prices. Saudi Arabia will make a deep cut to its output in July in addition to a broader OPEC+ deal to limit supply to the end of 2024 as the group faces flagging oil prices. Crude oil will remain one of the most important sources of energy in Germany for decades to come. The move by the government puts it in charge of Rosneft's stakes in three refineries in the country. Refinery Our Standards: The Thomson Reuters Trust Principles. What oil production cuts were agreed at OPEC+ meeting? Exclusive news, data and analytics for financial market professionals, Reporting by Christian Kraemer and Marek Strzelecki, writing by Kirsti Knolle, editing by Rachel More, Matthias Williams and Jane Merriman, Oil falls as economic fears overshadow Saudi output cut, Kazakhstan to press ahead with $16.5 bln claim against oil majors, Saudi cuts unlikely to lift oil prices to high $80s-low $90s, Citi says, Shell to exit European home retail energy businesses. Other foreign players include BP (BP.L) and Totalenergies (TTEF.PA). "We are monitoring the situation in the region," the refiner's press office said in response to a question from Reuters. Discover more about S&P Global’s offerings. We want to hear from you. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Germany takes control of Russian-owned oil refineries - CNN ⦠Germany has launched such reviews in the past when it has considered there were grounds to suspect that investments or acquisitions could be against the public interest. French-German relations during the polycrisis, Turkey: first nuclear power plant under Russian rules, Novatek is taking over Shell’s assets in Sakhalin, Initial legislative work on the act was accompanied by media speculation, fuelled by statements from government representatives, that the new legislation is being drafted mainly with the PCK (. The act gives the government new tools to solve the ownership problem of the Schwedt refinery. Germany took control of a major Russian-owned oil refinery on Friday, risking retaliation from Moscow as Berlin strives to shore up energy supplies and meet its European Union commitment to eliminate Russian oil imports by ⦠Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The decision on the establishment of the trust and the expropriation will be made by decree of the Minister of Economic Affairs and Climate Action (this post is currently held by Vice-Chancellor Robert Habeck, Green Party). That included Rosneftâs 54.17% of the Schwedt refinery. BERLIN: Germany and Poland have signed a deal aimed at securing the supply of oil to the Schwedt refinery after ending reliance on Russian oil, Germany 's economy ministry said on Thursday. Why Putin has put this religious art on display, The one thing Mike Pence needs to beat his old boss. Due to Rosneft's attitude being aimed at obstruction, Berlin views regaining control of the refinery from Rosneft as a precondition for starting the process of switching from Russian oil at the Brandenburg site. Schwedt refinery The German government has taken temporary control of two subsidiaries of the Russian energy giant Rosneft. Located 120 km northeast of Berlin, the PCK Schwedt refinery is supplied with Russian Urals crude through the major Druzhba oil pipeline. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The supply proposal assumes that two to three ships with 100,000 tonnes each a month of non-Russian oil would be unloading for Schwedt in Gdansk in Poland as of next year, a source familiar with the negotiations on the Polish side said. These parties are demanding a rejection of the embargo or at least a special exemption for East German refineries, along the lines as the one the European Commission is proposing for Hungary, for example. It produces a range of refinery products, including petrol, diesel, aviation turbine fuel, LPG, extra light heating oil, heavy fuel oil, bitumen, benzene, toluene, xylene, and sulphur. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Scholz also noted that Polish refiner PKN Orlen was interested in buying a controlling stake in the Schwedt refinery. The Rostock to Schwedt pipeline is connected to the Northern Drzubha line at Heinersdorf. The refinery receives majority of the crude oil supply through the Druzhba pipeline from Russia. Saudi Arabia will make a deep cut to its output in July in addition to a broader OPEC+ deal to limit supply to the end of 2024 as the group faces flagging oil prices. The port recently took delivery of its first cargo of US oil in at least half a decade. Sources: PERN, German Petroleum Industry Association (MWV, from 2021 – En2X). It is unclear who could step in to replace Rosneft as operator of the refinery. "We do not want to speculate about measures in the context of the continued operation of the refinery in Schwedt (or other locations) that may or may not be taken by the government.". Schwedt Refinery - A Barrel Full - Wikidot Refinery. Immediately before his visit to the PCK refinery in Schwedt, Brandenburg, Federal Economics Minister Robert Habeck declared that he saw a future for the company, which was threatened by the planned oil embargo against Russia. refining World sees China as potential coal destination amid oversupply, fragile demand, Commodity Prices and Essential Market Data, Navigating the Future: Energy Transition & Carbon Markets at APPEC, Shell (32.25%), ExxonMobil (25%), Rosneft (24%), Phillips 66 (18.75%). It put Rosneft Deutschland under a trusteeship of the German industry regulator but Rosneft still holds 54.17% of the refinery. Berlin aims to eliminate Russian oil imports by the end of the year as per European Union sanctions and has for months been working with Poland to try to secure supply for Schwedt, which provides 90% of Berlin's fuel. The document will enter into force the following day. Rosneft exercised the pre-emption right to buy a 37.5% share of the PCK (Schwedt) refinery from Shell. Image courtesy of PCK Raffinerie GmbH. One possibility for a change of ownership would be a so-called technical insolvency, if Rosneft itself could no longer supply oil for the refinery due to the embargo or sanctions planned by the end of the year. Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day. The possibility of using this solution is, however, severely restricted by the capacity of the route already used by the second of the East German refineries, Leuna in Saxony-Anhalt. It runs wholly on Russian imports, ⦠Schwedt refinery If this is an opportunistic buy it might be worth considering. The Federal Network Agency has also taken control of Rosneft Deutschland's shares in the MiRo refinery in Karlsruhe and Bayernoil refinery in Vohburg. Supplies via the Druzhba pipeline that feed Schwedt are exempt from the EU sanctions on Russian crude but Warsaw and Berlin pledged to ditch deliveries from Moscow from 2023. The refinery also supplies aviation turbine fuel to the airports in Berlin. The German government placed PCK refinery in Schwedt, Brandenburg, under trusteeship. The rest lies with the Italian Eni. A German court last week threw out an appeal by Rosneft over the move. The amendment still needs to be approved by the Bundesrat, and it is on the agenda of the chamber on 20 May. See here for a complete list of exchanges and delays. Schwedt then could meet the needs of the Berlin region, supply the nearly 600 German gas stations owned by Poland's Orlen (PKN.WA) and provide some fuels for the western Poland region, the source said. According to industry experts, this will be a lengthy process (several weeks) and expensive. "There's a question if Schwedt refinery would adjust to non-Russian crude without losses on production yields, but if this is an opportunistic buy it might be worth considering," Michal Kozak, senior equity analyst at Trigon brokerage told Reuters. Now Reuters reports that Polish refiner PKN Orlen wants to take over ⦠Schwedt refinery It is situated near the Germany-Poland border, in the Brandenburg state of Germany. A large paper factory is located near Schwedt. 1st April 1964 - First stage in the processing of crude oil (2 million t / a) See here for a complete list of exchanges and delays. All Rights Reserved. Now Reuters reports that Polish refiner PKN Orlen wants to take over the part of the facility owned by Russia's Rosneft. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Germany, Poland aim to secure oil supply to Schwedt refinery Germany's Schwedt refinery losing out in race from Russian oil refinery With Rosneft in charge that was seen as an impossible task. What oil production cuts were agreed at OPEC+ meeting? Panasonic to boost battery output at Tesla's Nevada Gigafactory by 10%, US bank shares fall after Treasury debt issuance, proposed new capital requirements, Indonesia Pertamina finalising takeover of Shell's Masela shares -CEO, Novavax exec says its new COVID shot should work against variants on the rise. Varo Energy (51.43%), Eni (20%), Rosneft (28.57%). Germany, Italy, Spain, the UK and the Netherlands are the ⦠On Friday, the German government handed control of the PCK Schwedt refinery in Brandenburg to the national energy regulator, along with stakes in two other refineries in the south of the country. The industry leader for online information for tax, accounting and finance professionals. Alcmene, a subsidiary of oil terminals operator Liwathon, agreed to acquire a 37.5% stake in PCK Raffinerie from Shell in July 2021. Shell estimated that the value of its hydrocarbon inventory at the refinery would range between $150 million and $250 million. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. On 12 May, the Bundestag voted through an amendment to the Act on ensuring the energy supply (Energiesicherungsgesetz). If the Economy Is So Bad, Why Is the Labor Market So Good? While Rosneft holds more than half of Schwedt, Shell has almost 40 percent. read more. Germany, Poland aim to secure oil supply to Schwedt refinery FRANKFURT -Vienna-based Alcmene Group is interested in taking over the partly Rosneft-owned PCK Schwedt refinery in eastern Germany, the Handelsblatt ⦠US crude brought in ⦠Russian state oil giant Rosneft has acquired Shell's minority stake in the 230,000 b/d PCK Schwedt refinery in northeastern Germany, boosting its downstream footprint in Europe's biggest economy where it will become the second-biggest refiner. Berlin put the refinery into a trusteeship in September but it was not until mid-February that it drafted legal changes allowing the sale of Rosneft's stake without the need for prior nationalisation. PCK Raffinerie operates the Schwedt cracking refinery, which is located in Brandenburg, Germany. Three German Refineries Affiliated With Russian Rosneft Under ... To continue reading you must login or register with us. It claimed critical suppliers such as insurance companies, IT providers and banks were no longer willing to work with Rosneft, either with the subsidiaries themselves or through the refineries. Shell SHEL has relaunched the sale of its stake in the PCK Schwedt (C}RO7309414219) oil refinery outside Berlin after the German government last year took control of the plant from its Russian operator, industry sources told Reuters.. Receive daily email alerts, subscriber notes & personalize your experience. Ukraine war: G7 agrees to impose price cap on Russian oil, Singapore to hold final horse race after 180 years, Ukraine troops advance on eastern front, Kyiv says, Apple unveils $3,499 mixed reality headset, Pilot of crashed US plane was slumped over - reports. Since the Druzhba pipeline was established in the 1960s, the refinery has gotten all of its oil from Russia through it. The British company's efforts to sell its 37.5% stake in the refinery, Germany's fourth-largest which ⦠All quotes delayed a minimum of 15 minutes. The PCK Schwedt refinery supplies 90% of Berlin's fuel. © 2023 BBC. Germany and Poland have signed a deal aimed at securing the supply of oil to the Schwedt refinery after ending reliance on Russian oil, Germany's economy ⦠The first reports of these plans emerged on 12 April, and as early as on 25 April the new regulations were adopted by the federal government and submitted to the Bundestag (via coalition groupings in order to expedite the procedure). Schwedt also supplies parts of western Poland. Factbox: German refineries seek to operate without Russian crude The landlocked refinery is the source of 90% of Berlin's fuel and has received all its crude from Russia via the Druzhba pipeline since the plant was built in the 1960s. 01.12.2022, 19:30 Uhr. The ministry said Friday's move included a package to ensure the Schwedt refinery could receive oil from alternative routes. PCK Raffinerie holds a 45% stake in the German section of the Druzhba pipeline. Crude oil will remain one of the most important sources of energy in Germany for decades to come. That deal was scuppered by the Ukraine war. See here for a complete list of exchanges and delays. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. In a similar move in April, Germany took control of subsidiaries of Russian gas giant Gazprom. Germany in September took control of the Schwedt refinery, which was majority owned by Russia's Rosneft (ROSN.MM), as part of efforts to shore up the country's energy supply. Poland's climate ministry and the German economy ministry were not available for comment. Berlin announced that the plan for the plant includes covering expected financial losses. You exceeded the limit of bookmarked content(only 15 bookmarks are allowed).Please remove one of the bookmarks. Rosneft exercised the pre-emption right to buy a 37.5% share of the PCK (Schwedt) refinery from Shell. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Bergen Filmi Izle Jet Film,
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