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Rosneft sues Berlin over takeover of its German unit
Global Banking & Finance Review®
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BERLIN (Reuters) – Russian state energy giant Rosneft has filed a complaint with a top court in Germany against the government for taking control of its German unit including a major refinery, according to a report in German newspaper Handelsblatt.
BERLIN (Reuters) – Russian state energy giant Rosneft has filed a complaint with a top court in Germany against the government for taking control of its German unit including a major refinery, according to a report in German newspaper Handelsblatt.
Rosneft argued that the German government’s move last month was unjustified given that the firm had always upheld its oil delivery commitments, the report said, citing the law firm hired by Rosneft, Malmendier Legal.
The firm was not immediately available for request for comment.
“Until today, Rosneft has been fulfilling its crude oil delivery commitments,” Malmendier Legal wrote in the complaint, according to Handelsblatt.
The government put Rosneft’s Germany unit under the trusteeship of the industry regulator in September, taking over the business’ Schwedt refinery, which supplies 90% of Berlin’s fuel.
(Reporting by Hans-Edzard Busemann and Sarah Marsh; Editing by Bernadette Baum)
Rosneft is a Russian state-owned oil company, one of the largest publicly traded oil companies in the world, engaged in the exploration, production, and refining of oil and gas.
A refinery is an industrial facility where crude oil is processed and transformed into useful products such as gasoline, diesel, and other petrochemicals.
Regulatory compliance is the process of ensuring that an organization adheres to laws, regulations, guidelines, and specifications relevant to its business operations.
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