Germany’s Federal Government placed Rosneft Deutschland GmbH (RDG) und RN Refining & Marketing GmbH (RNRM) under the fiduciary management of the German Bundesnetzagentur (Federal Network Agency). This means that the Bundesnetzagentur is assuming control of Rosneft Deutschland and thus also its respective shares in the three refineries PCK Schwedt, MiRo (Karlsruhe) and Bayernoil (Vohburg).
Rosneft Deutschland holds a total of around 12% of German oil refining capacity, making it one of the largest oil-processing companies in Germany.
Each month, the German Rosneft subsidiaries import several hundred million euros worth of crude oil from Russia to Germany.
The legal basis of the order is section 17 of the Energy Security of Supply Act. According to this provision, a company which operates critical infrastructure in the energy sector can be placed under fiduciary management if there is a specific danger that, without fiduciary management, the company will not fulfil its tasks serving the functioning of the commonweal in the energy sector, and there is a danger that the security of supply will be impaired. Following the issuing of the order, the shareholders can no longer exercise their voting rights, and their powers to dispose of and manage the company are restricted.
The Bundesnetzagentur is acting as the fiduciary manager; the voting rights deriving from the shareholdings are transferred to it.
The order imposing the fiduciary management was issued by the Federal Ministry for Economic Affairs and Climate Action. It took effect on 16 September 2022 when it was published in the Federal Gazette, and is initially effective for 6 months. The RDG and the RNRM must bear the costs of the fiduciary management themselves.