Sector News

Rosneft Buys 16.7% Stake in PCK Raffinerie Refinery From Total

November 28, 2014
Russian state oil giant OAO Rosneft (ROSN.MZ) Friday said it had signed a deal to acquire a 16.7% stake in the PCK Raffinerie GmbH oil refinery from Total SA (TOT), which is located in Schwedt, Germany.
Rosneft owns 50% of Ruhr Oel GmbH, which in turn owns 37.5% of the plant, giving the two companies control of almost 55% of the refinery’s ownership, Rosneft said. Royal Dutch Shell PLC (RDSA.LN) owns 37.5% and ENI SpA (ENI.MI) owns 8.3%.
Rosneft Chief Executive Igor Sechin signed the deal Friday with Total CEO Patrick Pouyanne. Rosneft said in a statement that the deal represents “a deepening of the energy partnership between Russia and Europe.”
“As for Rosneft, this deal means a strengthening of its position in one of Europe’s most efficient and effective refineries and an opportunity to serve the end-customers in its most important market,” Mr. Sechin was quoted as saying in the statement.
Rosneft, through Ruhr Oel GmbH, owns stakes in four other German refineries.
By James Marson
Source: Wall Street Journal

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