Sector News

Total sells stake in German refinery to Rosneft

June 19, 2015
News
(MarketWatch) – France’s Total SA Friday said it sold its 16.67% minority stake in the Schwet refinery in Germany to Russian oil company Rosneft for $300 million, as part of a broader asset-sale program in response to the oil price collapse.
 
Total said the sale also reflects its plan to divest refining activities and focus on oil and gas extraction.
 
Roseneft already indirectly controlled a 18.75% stake in the Schwedt refinery.
 
Royal Dutch Shell, BP PLC and ENI Spa also own minority stakes in the refinery.
 
By Inti Landauro 

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