Rosneft has obtained approval to dissolve the Ruhr Oel GmbH Joint Venture from the German Federal Ministry of the Economy and Energy.
It means Rosneft and BP have accomplished getting regulatory approvals for the deal in a short period of time.
In December, the deal was approved by the German antitrust regulator Bundeskartellamt and earlier this month the deal was also approved by the European Commission.
The Joint Venture restructuring process is expected to be completed by the end of 2016.
It will enable Rosneft and BP to redirect their petrochemical and refining strategies in Europe.
The Gelsenkirchen Refinery will be fully owned by BP enabling them to consolidate the company’s refining business in Ruhr’s industrial area in the heart of Europe.
This step will be part of BP’s effort to simplify operations and improve efficiency.
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