Rosneft Chief Executive Officer Igor Sechin made a working visit to Germany 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.

During the visit, Rosneft Chief Executive Officer also met with German Minister of Economy and Energy Brigitte Zypries. Igor Sechin informed Brigitte Zypries on the Company'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.

Also, Igor 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 the Company were discussed.

The Head of Rosneft discussed the production activities with the managing directors of three refineries in Germany, shares in which Rosneft holds:PCK, Miro and Bayernoil.

During the visit Igor Sechin also met with Michael Harms, the head of the German Committee on Eastern European Economic Relations. The parties agreed that Rosneft's contribution to the German energy industry will increase its activities efficiency as well as strengthen and expand the Company's position in the product markets, including Central and Eastern Europe.

Representatives of Rosneft management and German business community, directors of the PCK refinery, Bayernoil and MiRO, as well as journalists took part in the special event to mark the opening of the Rosneft Deutschland office in Berlin. In his report at the event, Igor Sechin, among other things, noted, «Over the past seven years, we have delivered 132 mtoe to Germany to the value of more than 75 billion euros, providing about a quarter of the country's oil imports. Today we hold stakes at three large oil refineries and provide 5000 jobs directly at our enterprises in the country.»

Rosneft increased oil supplies to Germany from 12.9 mtoe in 2012 to 22.5 mtoe in 2016. In 2016, the volume of oil processed at the refineries in Germany increased by 17.8% to 12.7 mtoe. The company produced 13.7 million tons of oil products, 80% of which are light oils. These numbers demonstrate high operating performance and notable rate of technological equipment of the refining capacities. «Within the next five years, Rosneft will send a total of 600 million euros to modernize its German refineries, of which 300 million euros have already been allocated,» Igor Sechin said. «Now a subsidiary of Rosneft will operate in Germany,» he added. «We are developing our business, including the area of delivering petroleum products to German consumers through supply networks, bunkering and aviation fuel.»

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.

In conclusion, the head of Rosneft pointed out that the oil refining business in Germany is a strategic direction for the Company's progress. «It seems to me that after 6 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.

Michael Harms, the head of the German Committee on Eastern European Economic Relations, considers the beginning of Rosneft Deutschland GmbH's work on the German market a good signal for the German economy. «The development of Rosneft's business is proof of the continued interest of Russian oil companies in the European market,» Harms said, adding that this cooperation, which lasts for more than 40 years, contributes to ensuring Germany's energy security.

Rosneft Information Division
May 18, 2017