Total has signed an agreement to sell its 16.67% interest in the Schwedt
refinery in northeastern Germany (Brandenburg) to Rosneft, which already holds indirectly an 18.75% stake in the facility, the companies announced on Friday.
The transaction is valued at $300 million, excluding working capital and remains subject to customary approvals.
“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 & Chemicals.
“Monetizing 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," he added.
Located in northeastern Germany, the Schwedt Refinery has a capacity of 12 MMtpy. The
refinery is owned by Shell (37.5%) and indirectly by Rosneft (18.75%), BP (18.75%), Total (16.67%) and
ENI (8.33%).