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Rosneft to buy 17% stake in Germany’s Schwedt refinery

November 28, 2014, 19:23 UTC+3 SOCHI
The document was signed in Sochi by Rosneft head Igor Sechin and Total CEO Patrick Pouyanne
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© ITAR-TASS/Nikolay Nikitin

SOCHI, November 28. /TASS/. The Russian oil giant Rosneft will buy a 16.67% stake in the Schwedt refinery in Germany under a deal signed with French energy company Total on Friday.

The document was signed in Sochi by Rosneft head Igor Sechin and Total CEO Patrick Pouyanne.

“The deal represents a deepening of the energy partnership between Russia and Europe based on the effectiveness of supply of a refinery located along the Druzhba pipeline,” Rosneft said in a statement.

“Total and Rosneft are further agreeing on an off-take agreement to supply Total's retail and wholesale customers securing stable supply to the premium Berlin and surrounding areas, markets and customers supplied by pipeline from the refinery,” the statement said.

Commenting on the deal signed between the two companies, Sechin said: “This agreement is reflective of the level of trust, long-term commitment and mutual benefit in the relationships between Total and Rosneft. It proves the effectiveness of the European-Russian energy partnership in that it delivers added value to all companies and countries involved.”

“As for Rosneft, this deal means a strengthening of its position in one of Europe's most efficient and effective refineries and an opportunity to serve the end-customers in its most important market. Once the deal is closed, Rosneft together with ROG will manage close to 55% of the refinery's ownership”.

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