Rosneft to increase ownership in German refinery

OAO Rosneft has agreed to purchase Total SA’s 16.67% share in the 11.5-million tonne/year PCK Raffinerie GMBH refinery located along Druzhba pipeline in Schwedt, Germany, about 120 km northeast of Berlin.

The companies signed an agreement outlining the main terms and conditions of the deal on Nov. 28, Rosneft said.

Total and Rosneft also are exploring an offtake agreement to supply Total’s retail and wholesale customers in the Berlin area supplied by the refinery via the pipeline, Rosneft said.

Once the deal is closed, Rosneft, together with its BP PLC-joint venture Ruhr Oel GMBH (ROG) (OGJ Online, May 6, 2011), will own close to 55% of the Schwedt refinery, said Rosneft Pres. Igor Sechin.

A date for when the deal might be finalized was not disclosed.

In addition to Total, current stakeholders in the Schwedt refinery include ROG 37.5%, Royal Dutch Shell PLC 37.5%, and Eni SPA 8.33%.

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