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%).