Russian oil and gas company Rosneft said Tuesday it will invest at least €600 ($526) million in the next five years in Germany, with a view to developing its business in the European country and consolidating its position as a “reliable partner.”
“We are happy that Rosneft’s cooperation with European partners is not limited to the supply of energy resources. We implement joint projects, and in this sense Germany is one of the key partners for Rosneft,” said CEO Igor Sechin.
The executive added the Russian firm won’t be just a supplier of hydrocarbons for the German consumers, but a supplier of a range of goods and services, Kallanish Energy learns.
In a visit to the Schwedt Refinery (PCK), located in northeastern Brandenburg, Germany, Sechin signed an agreement with the German bitumen producer BITUMINA Handel.
“The contract provides for the processing of bitumen produced by PCK refinery at the BITUMINA polymer-modified bitumen (PMB) plant, and the production of Alfabit PMB based on Rosneft own formulation,” Rosneft said.
Some 152 million tonnes of oil have been delivered by Rosneft to Germany, which accounts roughly for one-fourth of the country’s total consumption. In terms of refining, Rosneft is the third largest player, with a total refining throughput of 12.5 million tonnes per annum (MTPA).
Through its local subsidiary, Rosneft owns stakes in three German refineries: PCK Raffinerie GmbH, MiRO and Bayernoil.
