[Levin]

September 16, 2022
11:26 PM GMT+8
Last Updated 9 hours ago

By Markus Wacket and Paul Carrel


BERLIN, Sept 16 (Reuters) - Germany took control of a major Russian-owned oil refinery on Friday, risking retaliation from Moscow as Berlin strives to shore up energy supplies and meet its European Union commitment to eliminate Russian oil imports by the end of the year.

The economy ministry said it was putting a unit of Russian oil firm Rosneft (ROSN.MM) under the trusteeship of the industry regulator and taking over the business' Schwedt refinery, which supplies 90% of Berlin's fuel.


https://www.reuters.com/business/energy/...022-09-16/

[cityhantam]

Germany Seizes Control of Russian Refineries but Has No Oil to Refine

Sep 20, 2022  Crisis-hit Germany is grasping at straws to somehow get through the coming winter months, which promise to turn Europe’s largest economy upside down. The gas crisis that Germany faces is largely in retaliation to it providing weapons to Ukraine and imposing sanctions on Moscow. Vladimir Putin is looking to punish Germany for its actions. However, Germany is inflicting a major wound on itself – by deciding to place an embargo on Russian crude oil from December this year, along with another European nations. That threatens to exacerbate not just Germany, but the European Union’s energy crisis as a whole. Watch to know more.

[singlon]

Price cap the result
to maintain price still 31 December 2022
Hungary MOL for example could only deliver 25% of the contracted fuel amount.
The trade off is that soon there will be no gasoline and diesel if general inflation continues to rise.
https://www.zerohedge.com/markets/majori...-next-week