Rosneft buys Total's state in Schwedt Refinery for $300 mn

Energy giant Total has signed an agreement to sell its 16.67 percent interest in the Schwedt refinery in northeastern Germany (Brandenburg) to Rosneft, which already holds indirectly an 18.75 percent stake in the facility. The transaction is valued at $300 million excluding working capital and remains subject to customary approvals.
 
“The sale of our minority interest in the Schwedt Refinery is in line with our 2017 target to reduce Total’s European refining and petrochemical capacity by 20 percent, as announced in 2012. Monetising this non-core asset also contributes to the Group’s accelerated disposal program in 2015 and demonstrates Total’s commitment to actively manage its portfolio across all segments,” said Philippe Sauquet, president of Total Refining & Chemicals.
 
Located in northeastern Germany, the Schwedt Refinery has a capacity of 12 million tonnes per annum (mtpa). The refinery is owned by Shell (37.5 percent) and indirectly by Rosneft (18.75 percent), BP (18.75 percent), Total (16.67 percent) and ENI (8.33 percent).