Rosneft and Total have signed a purchase-and-sale agreement of a 16.67% effective stake in PCK Raffinerie GmbH

Rosneft and Total have signed an agreement confirming the signing of the purchase-and –sale of a 16.67% of effective stake in the oil refinery plant in Schwedt, Germany (PCK Raffinerie GmbH). The document was signed by the chairman of Rosneft, I. Sechin, and CEO of Total S.A., P. Pouyanne.

The deal is an element of Rosneft’s strategy on the strengthening of its positions as an integrated player in the energy market of Europe. Along with the planned reorganization of Ruhr Oel GmbH (JV with BP), the deal with Total will allow Rosneft to strengthen its positions in the market of oil products output in Germany.

The closing of the deal depends on the execution of a number of suspensive conditions, including receiving necessary approvals from the Government bodies.