France’s Total sold its stake in a German crude refinery to Rosneft for an undisclosed sum Monday.
Rosneft picked up a 16.67 percent stake in the PCK-owned refinery located in Schwedt, Germany.
The plant has a primary distillation capacity of 11.5 million metric tons per year and runs along the Druzhba pipeline.
The refinery produces diesel fuel, gasoline, kerosene, liquefied petroleum gas, heating oils and bitumen.
Total and Rosneft also signed an off-take agreement that will supply Total’s retail and wholesale customers in Berlin and the surrounding areas with products from the refinery.
“This agreement is reflective of the level of trust, long-term commitment and mutual benefit in the relationships between Total and Rosneft,” Rosneft chief Igor Sechin said.
Germany-based ROG, a joint venture between Rosneft and BP Europa, holds a 37.5 percent stake in the refinery and Italy’s Eni holds a 8.33 percent stake.
Rosneft and ROG will hold a combined 54.17 percent stake in the refinery.
ROG holds share in four refineries in Germany and five pipeline and sea crude oil terminals in the North, Baltic, Mediterranean and Adriatic Seas.