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Igor Sechin Makes a Business Trip to Germany

Source: www.gulfoilandgas.com 1/23/2018, Location: Europe

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Igor Sechin, Chief Executive Officer of Rosneft, has made a business trip to Germany visiting Schwedt Refinery (PCK). The head of Rosneft and Gerhard Schroeder, Chairman of the Company Board of Directors, inspected the refinery's production facilities and met with the staff of the enterprise.

During the visit, a meeting was held with the management of Rosneft Deutschland and the management of the refinery. The participants discussed the development of Rosneft business as an independent player in the German energy market.

Igor Sechin and Gerhard Schroeder also took part in the signing of an agreement between the Rosneft subsidiary, Rosneft Deutschland GmbH, and the German BITUMINA Handel GmbH & Co. KG. The contract provides for the processing of bitumen produced by PCK refinery at the BITUMINA polymer-modified bitumen (PMB) plant, and the production of Alfabit PMB based on Rosneft own formulation.

Germany is a strategic partner of Rosneft: within the past seven years, Rosneft has delivered 152 million tons of oil worth more than 80 billion euros to the German market. This roughly accounts for 1/4 of all Germany's consumption.

The Company owns stakes in the country's three largest refineries with a total refining throughput of about 12.5 million tons per year being the third largest player in the German refining market. Rosneft also actively cooperates with German companies in the procurement of equipment, components and additives for the production of gasoline and diesel fuel, as well as the provision of oilfield services.

"We are happy that Rosneft cooperation with European partners is not limited to the supply of energy resources. We implement joint projects, and in this sense Germany is one of the key partners for Rosneft. In the next five years, Rosneft plans to invest at least 600 million euros in the development of business in Germany. Rosneft is committed to become not just a supplier of hydrocarbons for the German consumers, but a supplier of a range of goods and services." – CEO Igor Sechin pointed out.

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