news_oil company_19052016

600-million-euro investment

Berlin (dpa) - Russian state oil company Rosneft plans to invest about 600 million euros (670 million dollars) in Germany, chief executive Igor Sechin said Thursday. The financing is intended for modernizing refining processes and raising safety and environmental standards, Sechin told journalists in Berlin.

Rosneft, which this year bundled its German holdings under subsidiary Rosneft Deutschland GmbH, has a chance to open its own chain of petrol stations in Germany. The company currently supplies petrol to a chain operated by France's Total but in the future could acquire a portion of the network, Sechin said at the opening of Rosneft Deutschland's headquarters.

The managing director of the German Committee on Eastern European Economic Relations, Michael Harms, welcomed the Russian commitment as a "very good signal for Germany as a whole." Bilateral trade sharply increased in the first two months of this year. Harms predicted an overall increase of 10 per cent for the year. In Germany, Rosneft owns a majority stake in the PCK refinery in the town of Schwedt on Germany's eastern border and about a quarter of the shares of Bayernoil in Vohburg in the south, and is involved in the Miro refinery in Karlsruhe. Rosneft, which controls the world's largest crude oil resources, employs about 5,000 people.