The decision of the Federal Government of the Federal Republic of
Germany on putting the Company’s German assets under external
management of the Federal Network Agency is unfortunately not a
surprise for us and follows the logic of the algorithm of actions
regarding Russian enterprises in Germany that was imposed by the USA.
This decision is illegal and, in essence, is an expropriation of
equity assets following the situation intentionally created by
relevant sanctions of the European Union and actions of German and
Polish regulators with the aim of seizing the assets.
Rosneft sees this as a violation of all
fundamental principles of market economy and civilizational
foundations of modern society built on the principle of inviolability
of private property.
The Company followed all requirements of German
regulators, the fact that they repeatedly admitted, transparently and
openly operated at the market providing access to fuel for consumers.
Despite the ongoing complex situation at the energy market of the
Federal Republic of Germany, Rosneft Deutschland continued to fulfil
its obligations on supplying oil products in full and was in talks on
the new contracts necessary for ensuring security of supply,
particularly in the Berlin-Brandenburg region and Western Poland.
Rosneft’s total investments in refining projects
in Germany amounted to 4.6 bln euro. Additional investment was
planned due to the increase of the Company’s equity share in ÐÑÊ
and transition to production of biofuel.
Rosneft also had plans for further development of
production and infrastructure at the refineries. Investment programs
envisioned implementation of «green» projects and projects in
petrochemistry and energy industries. Among them were the program to
increase energy efficiency and decrease emissions of greenhouse
gases, a number of major projects on cleaning waste water and subsoil
water at PCK, MiRO and Bayernoil refineries, a project to produce
«green» hydrogen with the use of renewables (for subsequent
production of motor and aviation fuel), projects to produce synthetic
The Company understands that the decision made by
the Federal Government of the Federal Republic of Germany is not
temporary and is, in essence, tantamount to irretrievable loss of
assets. Rosneft will consider all possible measures to protect its
shareholders, including legal action.
The Company regrets that our consumers and
employees at our enterprises, with whom we’ve forged not just
business connections but also cordial personal ones over the years of
work, are facing this situation.
The Company declares that in light of the decision
of the Federal Government of the Federal Republic of Germany it is no
longer able to provide health, safety and environment management at
In addition to that, due to the unilateral
decision to replace the head of the executive body and on account of
force-majeure circumstances envisaged by existing internal contract
between Rosneft Oil Company PJSC and Rosneft Deutschland GmbH, the
latter is subject to renewal with the person, designated by the
government of the Federal Republic of Germany. The Company is ready
to discuss possible parameters of a new contract on condition of
guarantees for payment for raw materials supplied, for protection of
investments (in the interests of the Company’s shareholders) and
legal rights of the enterprises’ personnel.