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German oil refinery shares sold off by Total

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Total has sold a 16.67% share in an oil refinery in Germany.

The sale and purchase agreement has been signed with stated-owned Russian oil company Rosneft.

The PCK Raffinerie GmbH, located in the city of Schwedt, has a distillation capacity of 11.5mln/t.

The deal will allow Rosneft to increase its position in the German market for refined oil products, stated the company.

Patrick Pouyanné, CEO of Total said: “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%.”

The refinery is jointly owned by Shell (37.5%), ROG (37.5%) and Eni (8.33%).

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