Germany: Total sells its interest in the Schwed...
Germany: Total sells its interest in the Schwedt Refinery to Rosneft
TOTAL S.A.
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has signed an agreement to sell its 16.67% interest in the Schwedt refinery in northeastern Germany (Brandenburg) to Rosneft, which already holds indirectly an 18.75% stake in the facility. The transaction is valued at $300 million excluding working capital and remains subject to customary approvals.
“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%, as announced in 2012,†said Philippe Sauquet, President of Total Refining & Chemicals. “Monetizing this non-core asset also contributes to the Group’s accelerated disposal program in 2015 and demonstrates Total’s commitment to actively manage its portfolio across all segments.â€
Located in northeastern Germany, the Schwedt Refinery has a capacity of 12Â million tons per year (Mt/y). The refinery is owned by Shell (37.5%) and indirectly by Rosneft (18.75%), BP (18.75%), Total (16.67%) and ENI (8.33%).
Total in Germany
With 3,500 employees, Total has a strong presence in Germany, where it owns 100% of the 12 Mt/y Leuna refinery, one of Europe’s most competitive sites. Total is also the country’s fourth largest retail operator and continues to expand its network. With more than 1,160 service stations at year-end 2014, the Group has a market share of around 9%, an increase of 1% in just two years. Additionally, Germany hosts the headquarters and main R&D center of Atotech, a leader in electroplating. In February 2015, Total acquired a majority stake in Polyblend, a German manufacturer of polyolefin compounds used mainly in the automotive industry.
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About Total
Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world’s second-ranked solar energy operator with SunPower. Our 100,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com
Cautionary note
This press release, from which no legal consequences may be drawn, is for information purposes only. The entities in which TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or omissions. In this document, the terms “Total†and “Total Group†are sometimes used for convenience where general references are made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “weâ€, “us†and “our†may also be used to refer to subsidiaries in general or to those who work for them.
This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise.
TOTAL S.A.
Mike SANGSTER
Nicolas FUMEX
Patrick GUENKEL
Magali PAILHE
Tel. : + 44 (0)207 719 7962
Fax : + 44 (0)207 719 7959
Robert HAMMOND (U.S.)
Tel. : +1 713-483-5070
Fax : +1
713-483-5629
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