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Investing.com -- Germany has decided to prolong its trusteeship over local subsidiaries of Russia’s state oil company Rosneft PJSC for the fifth time, as the sale to the Qatar Investment Authority (QIA) remains uncertain.
The German economy ministry confirmed its intention to extend the trusteeship of Rosneft Deutschland GmbH and RN Refining & Marketing GmbH. These entities were seized by Berlin following Russia’s invasion of Ukraine.
Rosneft has been attempting to sell its German units, but the process has been delayed. The QIA, which already holds an approximate 19% stake in the state-controlled Rosneft, is the sole remaining bidder for the companies. The QIA had appointed advisers for the acquisition last year.
However, concerns regarding Germany’s economic environment and the post-election investment landscape in the country have led to delays in finalizing the transaction, according to sources familiar with the matter who requested anonymity due to the private nature of the discussions. Despite these concerns, the economy ministry spokesperson stated that there are no political obstacles to the sale.
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