Within the next five years, Rosneft will send a total of €600 million to modernise its German refineries, of which €300 million have already been allocated, the Russian state oil giant’s CEO, Igor Sechin, said during a working meeting in Germany.

"Now a subsidiary of Rosneft will operate in Germany,” Sechin said. "We are developing our business, including the area of delivering petroleum products to German consumers through supply networks, bunkering and aviation fuel,” the Rosneft CEO added.

Rosneft also cooperates actively with German companies in various fields, such as purchases of equipment, vehicles, catalysts, components and additives for the production of gasoline and diesel fuel, and the provision of oilfield services.

Sechin pointed out that the oil refining business in Germany is a strategic direction for Rosneft’s progress. "It seems to me that after six years of work in this sector we have proved to be a reliable and predictable partner with a long-term vision of asset development,” he said.

Sechin made a working visit to Germany on May 19 where he held a number of meetings with representatives of the business community of the country and took part in the opening of Rosneft Deutschland GmbH, a company’s subsidiary, office in Berlin, Rosneft said in a press release.

During the visit, Sechin also met with German Minister of Economy and Energy Brigitte Zypries. The Rosneft CEO informed Zypries on Gazprom’s activities in Germany. At the meeting the parties discussed prospects for Rosneft’s business development as an independent player at the German energy market.

Sechin held a meeting with Gerhard Schroeder, Chairman of the Nord Stream AG shareholders committee, and Matthias Warnig, Managing Director of Nord Stream AG and a member of the Rosneft Board of Directors. During the meeting, issues of enhancing the efficiency of Rosneft’s operations in Germany and strengthening cooperation with the German partners of Rosneft were discussed.

Rosneft increased oil supplies to Germany from 12.9 million tonnes of oil equivalent in 2012 to 22.5 million tonnes of oil equivalent in 2016. In 2016, the volume of oil processed at the refineries in Germany increased by 17.8% to 12.7 million tonnes of oil equivalent. The company produced 13.7 million tonnes of oil products, 80% of which are light oils.


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