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Tuesday, September 6, 2022

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Rosneft warns of rising fuel prices

The Russian oil company Rosneft paints the future of its Schwedt refinery in Brandenburg extremely black because of the upcoming import stop for oil from Russia. If the PCK refinery is no longer supplied via the Druzhba (Friendship) pipeline, but via other routes, it will only be used at half capacity. This was announced by the largest Russian oil company after a report by the Interfax agency on Friday evening in Moscow.

This will lead to losses of up to 300 million euros per year with corresponding effects on tax payments to the German treasury. Rising petrol and fuel prices are also to be expected throughout Germany. Rosneft is testing alternative delivery routes. But the oil brought to Rostock by tanker from the USA is 30 percent more expensive than the pipeline oil, it said.

The EU imposed an import ban on Russian oil in May because of the Russian attack on Ukraine. It will take effect at the end of 2022. There are exceptions for countries such as Hungary and Slovakia, which cannot do without oil from the Druzhba pipeline. Economics Minister Robert Habeck (Greens) is looking for alternative oil sources for Schwedt. According to Habeck, Rosneft has little interest in the changeover.

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