Total sells Schwedt refinery stake Rosneft $300 million

Total sells Schwedt refinery stake to Rosneft for $300 million

5:32 PM, 19th June 2015
Total sells Schwedt refinery stake to Rosneft for $300 million
Philippe Sauquet, president, Total refining & chemicals. (File photo)

PARIS, FRANCE: Total SA said it 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 valued at $300 million excluding working capital, remains subject to customary approvals.

Total and Rosneft had formed a preliminary agreement on the deal in December 2014.

“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,” said Philippe Sauquet, president, 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,” he added.

Located in northeastern Germany, the Schwedt refinery has a capacity of 12 million tonne per year. 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).

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