Germany Extends Trusteeship Over Rosneft Assets for Six Months Amid Qatar Negotiations

Germany has extended its trusteeship over Russia's Rosneft local units for another six months, pending a potential sale of assets to Qatar. The German economy ministry oversees this trusteeship, which has already been extended to ensure supply security and facilitate Rosneft's negotiations. Due diligence with Qatar is ongoing.

Germany is set to extend its trusteeship over the local units of Russia's Rosneft for another six months, sources informed Reuters on Monday. This move anticipates the sale of these assets to Qatar. The current trusteeship, aimed at ensuring the supply security of the PCK Schwedt refinery, will be extended just before its expiration on September 10.

The German economy ministry, responsible for this decision, and Rosneft have not provided comments. One source explained that the extension would allow Rosneft to negotiate the sale of its German assets to Qatar. The Qatar Investment Authority, a significant shareholder in RWE, Germany's biggest power producer, is engaged in the due diligence process, which might take time.

Rosneft's operations in Germany include stakes in several key refineries. Recently, Berlin confirmed it has been in talks with Qatar over various investment opportunities. Should a sale not materialize, Germany may expropriate Rosneft's assets under its energy security laws, as it previously did with Gazprom's local assets.

(With inputs from agencies.)