Russia's Rosneft acquires Shell's shares in German refinery

Russia's oil giant, Rosneft acquired 37.5 percent of Shell's share in German refinery PCK Schwedt; hence, it will now own 91.6 percent of the refinery's shares.

“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," said Rosneft Chief Executive Officer Igor Sechin in a statement.

The transaction is subject to government and regulatory approvals, said the company. However, Russia remains the third largest player in the German oil refining market. 

Rosneft said it plans to develop the "technological leadership" of the refinery, through the implementation of low-carbon projects.

The remaining 8.33 percent are held by Italy's Eni.