Fiduciary management of Rosneft Deutschland GmbH and RN Refining & Marketing GmbH
By order of the Federal Ministry for Economic Affairs and Climate Action (BMWK) on 16 September 2022, the Bundesnetzagentur, an independent German regulatory authority, was appointed fiduciary of Rosneft Deutschland GmbH (RDG) and RN Refining & Marketing GmbH (RNRM) on the basis of section 17(1) to (5) and (8) of the Energy Security of Supply Act (EnSiG).
The decision was prompted by the fact that contractual partners and even companies with stakes in RDG and RNRM are parting ways from them owing to the market uncertainties caused in particular by the close ties to Russia and the sanctions imposed on Russia. The settlement of remaining contractual arrangements is thus subject to considerable delays. The aim of the fiduciary management is also to prevent a refusal to provide operationally necessary services from hindering the business, especially with regard to critical operational processes.
The Bundesnetzagentur has drawn up a Letter of Comfort (pdf / 152 KB) to reduce current market uncertainty on the part of business partners, banks, service providers and customers.
The Bundesnetzagentur has appointed Dr Christoph Morgen and Dr Johannes Bremer as the new chief executive officers of both RDG and RNRM.
Bundesnetzagentur appoints another CEO at Rosneft (21 September 2022)