Operation of Rosneft Subsidiary in Germany 'Good Sign' for Berlin

The establishment of Russian energy company Rosneft's subsidiary in Germany is a good sign for the German economy, Michael Harms, the head of the German Committee on Eastern European Economic Relations, said Thursday.

BERLIN (Sputnik) — The establishment of Rosneft Deutschland GmbH, controlling the company's operations in Germany, was announced in December 2016.

"It is a good sign for Germany as a host country. Rosneft is one of the major companies on the energy market, the development of this cooperation proves persistent interest from the Russian oil companies in the European market," Harms said, adding that Rosneft's move contributed to Germany's energy security.

Harms stressed that Rosneft carries out major investments and contributes to creating thousands of jobs in Germany.

Rosneft is now the third largest oil refiner on the German market, refining over 12.4 million tonnes annually, which amounts to over 12 percent of the total level of Germany's oil refining, according to company data.