Total has signed an agreement to sell its 16.67% interest in the Schwedt refinery in Brandenburg, Germany to Rosneft, which already holds an indirect 18.75% stake in the facility. The transaction is valued at US$300 million excluding working capital and remains subject to customary approvals.
Located in northeastern Germany, the Schwedt refinery has a capacity of 12 million tpy. The refinery is currently owned by Shell (37.5%) and indirectly by Rosneft (18.75%), BP (18.75%), Total (16.67%) and ENI (8.33%).
The sale is in line with Total’s target to reduce its European capacity
“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%, as announced in 2012,” said Philippe Sauquet, President of Total Refining and Chemicals. “Monetising 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.”
Adapted from press release by Cecilia Rehn
Read the article online at: https://www.hydrocarbonengineering.com/refining/19062015/total-sells-its-share-in-schwedt-refinery-to-rosneft/