- The German government says it is taking control of Russian oil giant Rosneft’s (OTC:RNFTF) subsidiary in Germany, citing the need to ensure continued operations at three oil refineries and secure energy supplies which have been disrupted after Moscow invaded Ukraine.
- Rosneft’s German subsidiaries, which account for about 12% of oil refining capacity in the country, were placed under the trusteeship of the Federal Network Agency, the economy ministry said in a statement.
- The federal network regulator will take over RN Refining & Marketing GmbH and Rosneft Deutschland GmbH, which accounts for around 12% of Germany’s oil processing capacity, and its stakes in oil refineries in Schwedt, Karlsruhe, and Vohburg, the economy ministry said.
- The Wall Street Journal reported that the business’s flagship asset is the PCK refinery in Schwedt, eastern Germany, which provides Berlin and the surrounding region with much of its gasoline and aircraft fuel.
- Rosneft said its half-year net profit rose 13.1% despite “adverse external factors” amid the Russian offensive in Ukraine.
- Net profit rose to 432 billion rubles following an increase in crude oil prices due to rising global demand and supply constraints.
Nasdaq Settles Higher Following CPI; Market Volatility Drops Sharply
The Nasdaq increased sharply following lower-than-expected rise in inflation for April.
The annual inflation rate in the US fell to 4.9% in April, recording the lowest level since April 2021, and compared to 5% in March. Month-over-month CPI rose 0.4% in April.
