Rosneft increases share ownership in German PCK refinery

MOSCOW

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.

* Writing by Murat Temizer