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Total sells 16.67% stake in its German refinery to Rosneft

by ChemOrbis Editorial Team - content@chemorbis.com
  • 19/06/2015 (17:56)
According to a press release on Russia’s Rosneft’s company website, Total SA and Rosneft signed an agreement at the St. Petersburg International Economic Forum regarding Total’s sale of a 16.67% share in PCK Raffinerie GmbH to the Russian company. The transaction value was reported at around $300 million excluding working capital while the closing of the deal is reportedly subject to regulatory approvals.

The new agreement is reportedly in line with Total’s efforts to reduce its European refining and petrochemical capacity by 20% while Rosneft aims to strength its position in the German market for refined oil products.
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