Russian oil company Rosneft is considering options including divesting its stakes in its German assets, reported Reuters, citing a source familiar with the matter.

A possible sale of the German assets is planned to be discussed by Rosneft’s representatives in a meeting with German Federal Ministry for Economic Affairs and Climate Action, Economic Stabilization and Energy Security director-general Philipp Steinberg, a source familiar with the matter told Reuters.

The source said: “It will be an exchange of positions of possibilities and… there will certainly be no concrete decision on a solution on Friday.”

The move comes days after Shell’s announcement to divest its 37.5% stake in Germany’s PCK refinery to Prax Group.

Rosneft owns a 54.17% stake in the PCK Schwedt refinery and Italian energy company Eni owns the remaining 8.33%.

Rosneft’s assets in Germany were put under trusteeship by Berlin in the wake of Russia’s military incursion in Ukraine in early 2022.

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By GlobalData

In a separate announcement, Russian President Vladimir Putin has ordered the transfer of stakes held by Wintershall Dea and OMV in gas extraction projects in Russia’s Arctic region to newly created Russian companies.

Under presidential decrees, stakes held in the Yuzhno-Russkoye field and the Achimov projects by OMV and Wintershall Dea will be reverted to the new companies, reported Reuters.

These companies will ultimately be owned by JSC SOGAZ and Gazprom.

In a written reply to a Reuters‘ enquiry, a Wintershall spokesperson said: “The presidential decree is further confirmation: Russia is no longer a reliable economic partner and is unpredictable – in every respect.”

In a press statement, OMV said: “OMV is currently reviewing the presidential decree and may take further steps to preserve its rights.”