The German Government has extended its trusteeship over the local assets of Russia’s Rosneft for an additional six months, reported Reuters.
The development comes after talks with Russian oil major Rosneft ended up in a stalemate.
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Following the Russian invasion of Ukraine, Rosneft’s assets in Germany, which include a 54.17% stake in Schwedt refinery, were put under a trusteeship.
German authorities aim to sell Rosneft’s stake in the refinery to a reliable party.
In April this year, Germany’s lower house of parliament approved amendments to the law to facilitate a speedy transaction.
However, the Russian energy company and Berlin have not advanced in their negotiations for an exit arrangement, postponing the search for potential investors, two sources familiar with the situation said.
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By GlobalDataRequests for comments regarding the trusteeship extension received no immediate response from Rosneft, reported the news agency.
Alongside Rosneft, Shell and Eni own 37% and 8%, respectively, in the Schwedt refinery.
To make room for investors such as Polish refiner PKN Orlen, Poland has been urging Germany to get Rosneft out of the way.
In July this year, it was reported that Orlen is considering buying a stake in the refinery – but only if Germany abandons Rosneft as its shareholder.
For its share, Shell has also been looking for new buyers.
According to sources, negotiations for the sale of Shell’s stake are under way and a private Polish company has made an offer.
Concerns over anti-German sentiment ahead of the upcoming Polish election have caused discussions between state-controlled Orlen and the German side to stop, they added.
German State Secretary for the Economy Ministry Michael Kellner told the news agency that Berlin is still highly interested in bolstering its partnership with Warsaw at the refinery.
Another source told Reuters that Kazakh companies KazMunayGas and its subsidiary Kaztransoil may potentially become the refinery’s new owners.
The source also said that corporations had shown interest in Shell’s stake.
Shell decided not to comment on the development and requests for comments from KazMunayGas and Kaztransoil were also not immediately replied to.
