In order to acquire Shell’s 37.5% part of the PCK (Schwedt) refinery, Rosneft used its pre-emption right. Relevant notifications have been shared with the partner. The transaction is subject to government and regulatory approvals.
Rosneft will increase its ownership of PCK from 54.17% to 91.67% as a result of the acquisition.
Rosneft Chief Executive Officer Igor Sechin noted: “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.
With a Nelson index of 9.8, PCK is one of Germany’s refineries with the highest level of technological complexity. In light of the EU’s present environmental strategy, Rosneft intends to expand the refinery’s technological leadership, notably by implementing low-carbon projects. The company is already developing projects aimed at the production of cleaner fuels, such as “green” hydrogen and sustainable aviation fuel. Work in this direction will continue”.