Slashed output at Germany’s Schwedt oil refinery demonstrates the difficulty Berlin faces in turning away from Russian oil, despite plans to work with Poland to find alternative supply.
Germany stopped buying Russian oil in January and the 233,000 barrel-per-day Schwedt refinery since has been running at about 55% capacity, or some 130,000 barrels per day, relying on pipeline supplies from the port of Rostock in northern Germany.ROSNEFT STAKE
Berlin put the refinery into a trusteeship in September but it was not until mid-February that it drafted legal changes allowing the sale of Rosneft's stake without the need for prior nationalisation.A German court is set to review Rosneft's complaint against the trusteeship on Tuesday. A verdict favouring Rosneft, would make nationalisation, by far a stronger measure, less likely, sources in Germany and Poland said.in taking a stake in Schwedt last year.
"At this stage all of the options are open," Robert Sleszynski, executive director for mergers and acquisitions at Orlen, said on a conference call on Feb. 24.In a move that further complicated talks with Poland, Germany late last year approached Kazakhstan about supplies for Schwedt, sparking new concerns in Warsaw.
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