Qatar Withdraws Interest for Rosneft’s German Operations | Company Business News

(Bloomberg) — Qatar withdrew its interest in the seized German operations of Russia’s state-controlled oil company Rosneft PJSC, according to people familiar with the matter.

The Qatar Investment Authority was the last party interested in the refining assets, leaving their future in limbo, said the people, who asked not to be identified as the discussions are private. That increases the pressure on the new German government to take a decision on the business, which is under a temporary trusteeship that has been extended several times. 

Rosneft Deutschland and QIA declined to comment, while Rosneft didn’t respond to a request for comment. The German economy ministry said it’s not involved in the sales negotiations which Rosneft is currently leading.

Germany initially aimed to seal the deal by the end of last year, though Qatar failed to get approval from the White House, which it wanted in order to maintain good relations with the US, according to the people.

The state took Rosneft Deutschland and RN Refining & Marketing GmbH under temporary control in September 2022 and has extended the trusteeship six times since then, with the current one expiring on Sept. 10. No potential Western buyers have emerged due to sanctions against Russia.

Rosneft Deutschland holds shares in three German refineries, which account for 12% of the nation’s total processing capacity, including PCK Raffinerie GmbH’s Schwedt plant near Berlin. 

Germany’s economy minister Katherina Reiche on Wednesday told lawmakers that finding a secure legal future for the entity “is not trivial. We need time for that.”

–With assistance from Kamil Kowalcze.

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