In May 2017, Rosneft chief executive Igor Sechin came to Berlin to outline a five-year plan to double the Russian oil company’s investments in German refining to €600mn.
Cut to 2022 and Rosneft’s assets have been taken over by the German government. Sechin’s dream of downstream expansion into Europe’s largest oil products market is in ruins, a victim of the escalating energy war between Russia and the west.
On Friday, the German government said it was seizing control of Rosneft’s stakes in three German refineries — PCK in Schwedt, north-east of Berlin, MiRo in Karlsruhe and Bayernoil in the Bavarian town of Vohburg.
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