Joerg Kukies, State Secretary in the German Chancellery, has led the dialogue with Qatar, holding four meetings with Mansoor Ebrahim Al-Mahmoud, CEO of the Qatar Investment Authority (QIA). The most recent meeting between the two officials occurred on August 14, 2024, continuing the momentum of these talks. However, neither the QIA nor the German government has provided further details on the content of these discussions, fueling speculation about the potential scope of Qatar's investment interests in Germany.
Rosneft's assets in Germany have been under trusteeship since 2022, following the collapse of relations between Russia and Western nations due to the invasion of Ukraine. The German government placed these assets under its control to safeguard energy security, while still allowing Rosneft some influence over the sale process. With the trusteeship term set to expire on September 10, 2024, Berlin is expected to make a timely decision on the future of these assets.
The PCK Schwedt refinery, where Rosneft holds a 54.17% stake, is of strategic importance as it supplies 90% of the fuel used in Berlin. The value of Rosneft’s German holdings, which include its stake in this refinery, has been estimated at around $7 billion. As the deadline approaches, the German government’s decision on whether to continue the trusteeship or proceed with a sale is awaited with keen interest.
This development is part of a broader effort by Germany to reduce its dependence on Russian energy. The sale of Rosneft’s assets is seen as a key step in this direction, although it remains unclear whether Qatar will emerge as the buyer. The outcome of these negotiations could significantly impact Germany’s energy landscape and its relations with both Qatar and Russia.
While the German government and Rosneft have remained tight-lipped about the specifics, the ongoing discussions indicate the seriousness with which Berlin is approaching its energy security strategy. The involvement of Qatar, a major global energy player, adds another layer of complexity to the situation, as both sides weigh their options in the coming weeks.