Russia's Rosneft, BP Agree to Dissolve Joint Venture in Germany

Reuters

MOSCOW, Jan 15 (Reuters) – Russia's top crude oil producer Rosneft said on Friday it has agreed with BP to dissolve its refining joint venture in Germany, Ruhr Oel.

The decision was approved by Rosneft's board in December, while BP Europa SE's board gave it the green light on Thursday.

After restructuring later this year, Rosneft will become a direct shareholder in the Bayernoil refinery, increasing its stake in it to 25 percent from 12.5 percent. It will also raise it stake in the MiRO refinery to 24 percent from 12 percent and in the PCK refinery to 54.17 percent from 35.42 percent.

"The restructuring of Ruhr Oel GmbH will enable Rosneft and BP to re-focus their refining and petrochemicals strategies in Germany," Rosneft said in a statement.

European Commission approval of the deal is expected in the first quarter of this year.

BP, which owns a 19.75 percent stake in Rosneft, will consolidate 100 percent of the equity of the Gelsenkirchen refinery and DHC Solvent Chemie, a solvent production facility, Rosneft said.

(Reporting by Vladimir Soldatkin; Editing by Jack Stubbs and Andrew Osborn)

 

Copyright 2016 Thomson Reuters. Click for Restrictions.

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