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Rosneft to pour roughly 600 mln euros into German projects over 5 years

In 2016, the volume of oil refining at the company’s refinery in Germany increased by 17.8%

© Sergei Bobylev/TASS

SCHWEDT /Germany /, January 22. /TASS/. Russian state-owned oil company Rosneft plans to invest at least 600 million euros in the development of projects in Germany in five years, the company’s CEO Igor Sechin told a press conference.

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Rosneft CEO: Oil to remain basis of global energy sector for 20-30 years more

"Rosneft considers investments in segments of gas stations, jet fuel supply and delivery of German oil products to neighboring countries. In the next five years, Rosneft plans to invest in the development of business in Germany at least 600 million euros. Rosneft has already invested almost 2 billion euros in oil processing," Sechin said.

According to him, in 2017, Rosneft supplied 21 million tonnes of oil to Germany and deliveries for the last 8 years totaled 153 million tonnes.

In particular, in 2014, Rosneft supplied 21 million tonnes to Germany, in 2015 - 21.5 million tonnes, in 2016 - 22.5 million tonnes.

In 2016, the volume of oil refining at the company’s refinery in Germany increased by 17.8% to 12.7 million tonnes. The refinery produced 13.7 million tonnes of oil products (80% - light oil products).

In December 2016, Rosneft and British BP completed the deal to dismantle the Ruhr Oel GmbH (ROG) refinery and petrochemical joint venture (JV) in Germany. As a result of that restructuring, Rosneft increased its stakes in several refineries in Germany: in Bayernoil - up to 25% (from 12.5%), in MiRO - to 24% (from 12%), in PCK - to 54.17% (from 35.42%).

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