Scandoil  

Total sells its interest in the Schwedt refinery to Rosneft


Published Jun 22, 2015
Total S.A.

Total has signed an agreement to sell its 16.67% interest in the Schwedt refinery in northeastern Germany (Brandenburg) to Rosneft, which already holds indirectly an 18.75% 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%, as announced in 2012,' said Philippe Sauquet, President of Total Refining & Chemicals. 'Monetizing 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.'

Located in northeastern Germany, the Schwedt Refinery has a capacity of 12 million tons per year (Mt/y). The refinery is owned by Shell (37.5%) and indirectly by Rosneft (18.75%), BP (18.75%), Total (16.67%) and ENI (8.33%).

Tags: Rosneft, Total




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml