Total and Rosneft signed an agreement at the St. Petersburg International Economic Forum, confirming the execution of a sale and purchase agreement for the 16.67% share in PCK Raffinerie. The document was signed by Rosneft Chairman of the Management Board Igor Sechin and CEO of Total Patrick Pouyanné. Along with the planned reorganisation of Ruhr Oel, the deal with Total will allow Rosneft to shore up its position in the German market for refined oil products.
Commenting on the deal, Sechin said: “The execution of this sale and purchase agreement reflects the high level of trust and mutual understanding between Rosneft and Total, two leaders of the global oil and gas industry. Long-term and mutually beneficial interests form the basis of the partnership between the two companies. The deal means the strengthening of Rosneft’s positions in a key region – Western Europe – and confirms the company’s reputation as a reliable energy supplier to the European market”.
“The execution of the term sheet, originally agreed by Rosneft and Total in November 2014 reflects the mutual commitment of both companies to creating and expanding a long-term partnership”, commented Pouyanné. “As for Total, 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%.”
