Russian oil company Rosneft increased its share in Germany's PCK Schwedt refinery to 91.67%, the company announced on Wednesday.
Rosneft exercised the pre-emption right to buy a 37.5% share of the PCK (Schwedt) refinery from Shell.
From this purchase, Rosneft will increase its shareholding in PCK from 54.17% to 91.67%.
'Increasing the share of PCK refinery is testament to the strategic importance of the German market for Rosneft. The company builds long-term relationships with its German partners, provides timely and uninterrupted crude supplies, and modernizes key refinery units,' said Rosneft's CEO Igor Sechin.
In addition to Rosneft, Italian company Eni owns a 8.33% share in the refinery.
The PCK Schwedt refinery, located in the Brandenburg region of Germany, has an annual capacity of 11.6 million tons.
Reporting By E. Gurkan Abay in Moscow
Writing By Murat Temizer