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In contrast Germany has confiscated state-owned oil major Rosneft’s stake in the German refinery Schwedt and state-owned gas behemoth Gazprom’ German subsidiary Gazprom Germania’s assets. For its part Russia has forcibly taken over of the Sakhalin 1 oil and gas complex from US company Exxon Mobil.
The ISAB plant in Italy directly employs around 1,000 people and is located in an economically-depressed region in southern Italy. The deal is set to close in March and is worth an estimated €1.5bn, Euractiv reports. However, the deal is subject to approval from the Italian government under its "golden power" regulations, which reserve the right to block or impose conditions on deals involving strategically important companies. The government has stated that it will demand commitments to converting the plant to green energy and industrial revitalization, as well as guarantees on jobs.
Trafigura will not be taking a stake in the plant, but will be providing some financing and handling crude oil supplies and refined product output. This marks an expansion for the trading house into the refining sector and follows a similar deal with Prax in 2021 for a refinery in Britain. Trafigura already holds a 3% stake in Italian refiner, Saras, an indirect stake in India's Nayara refinery, and runs two small refineries via subsidiary Puma Energy.
9.2.2 Automotive corporate news
Russia’s new car sales slumped by 59% to 626,300 in 2022, research agency Avtostat said on Monday. "Of this number, local brands accounted for almost 30% (29.4%), the bulk of which accounted for the Lada cars. The number of sold models in 2022 stood at 174,700, which was 27.9% of the entire market volume," the report read. The Korean brands accounted for 19.5% of the sales, Chinese for 19.2%, while the European brand car sales accounted for 18.5%, Japanese brands for 12.4% and US for 1%.
Toyota was the first automaker to resume direct deliveries of spare parts to Russia at the end of last year, Izvestia learned. We are talking about details that are not subject to sanctions. Also, the Russian subsidiary of Toyota Motor (the official supplier of products in the Russian Federation) allowed its dealers to parallel import of spare parts that are subject to restrictions, such as electronics. This became clear in the course of legal proceedings between the company and the Public Consumer Initiative (OPI) and Rospotrebnadzor. They are suing Toyota Motor because of non-observance of consumer rights. In the spring, the supplier, like other automakers, stopped importing spare parts and cars to Russia, citing problems with logistics.
German car maker BMW is still supplying spare parts to Russia, though the volume of deliveries may change due to restructuring of logistics chains, according to a spokesperson at the Russian office of BMW, Tass
151 RUSSIA Country Report February 2023 www.intellinews.com