Germany extends trusteeship over Rosneft assets, sources tell Reuters

Germany will extend its trusteeship over the local units of Russia's Rosneft for six more months in anticipation of a sale of the assets to Qatar, two people familiar with matter told Reuters on Monday.

The future of Rosneft's German assets, which include a 54.17 percent stake in the PCK Schwedt refinery, has yet to be resolved after Berlin effectively took control of them following Moscow's invasion of Ukraine.

A trusteeship that puts Germany in charge of the businesses while leaving ownership with Rosneft has already been extended three times to protect Schwedt's supply and to give Rosneft time to find a buyer for its stake.

The people, who could not be named because they were not authorized to speak publicly, said a decision to extend the trusteeship, which is set to expire on Sept. 10, once again has been made.

Germany's economy ministry, which is in charge of deciding on the trusteeship, was not immediately available for comment.

Rosneft was also not immediately available.

One of the people said the trusteeship extension was to allow Rosneft to negotiate a sale of its German assets to Qatar, which has a long history of investing in Germany and is the biggest single shareholder in RWE, the country's biggest power producer.

Due diligence between both parties is ongoing, but it could take time to reach a deal, the person said.

Rosneft's German activities also include stakes in the MiRo and Bayernoil refineries.

Reuters