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Total & Rosneft Signed a Sale and Purchase Agreement

Source: www.gulfoilandgas.com 6/19/2015, Location: Asia

Total S.A. and Rosneft signed at the St. Petersburg International Economic Forum an agreement, confirming the execution of a sale and purchase agreement with regard to the 16.67% share in PCK Raffinerie GmbH. The document was signed by Rosneft Chairman of the Management Board Igor Sechin and Chief Executive Officer of Total Patrick Pouyanné.

The deal represents a natural element of the Rosneft strategy aimed at strengthening - its positions as an integrated player in Europe’s energy market. Along with the planned reorganization of Ruhr Oel GmbH, the deal with Total will allow Rosneft to shore up its position in the German market for refined oil products.

The closing of the deal is subject to the fulfillment of conditions precedent, which includes regulatory approval. Commenting on the deal Igor Sechin said: “The execution of this sale and purchase agreement reflects the high level of trust and mutual understanding between Rosneft and Total, two leaders of the global oil and gas industry. Long-term and mutually beneficial interests form the basis of the partnership between the two companies. The deal means the strengthening of Rosneft’s positions in a key region – Western Europe – and confirms the Company’s reputation as a reliable energy supplier to the European market”.

“The execution of the term sheet, originally agreed by Rosneft and Total in November 2014 reflects the mutual commitment of both companies to creating and expanding a long-term partnership," commented Patrick Pouyanné, Chief Executive Officer of Total. "As for Total, 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%.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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