Total S.A. Sells Minority Interest In Schwedt Refinery To Rosneft - Quick Facts

(RTTNews) - Total S.A. (TTA.L, TTFNF.PK, TOT) and Rosneft (ROSN.L) announced the companies have signed an agreement, confirming the execution of a sale and purchase agreement with regard to the 16.67% share in PCK Raffinerie GmbH refinery, in Brandenburg, Germany. 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%." Rosneft said, along with the planned reorganization of Ruhr Oel GmbH, the deal with Total will allow the company to shore up its position in the German market for refined oil products.