Rosneft and BP have dissolved their existing refining joint venture at Ruhr Oel in Germany.
The decision was approved by Rosneft’s board in December, while BP’s board gave it the go-ahead on Thursday.
When the restructuring is completed later this year, Rosneft will become a direct shareholder and increase its shareholding in the Bayernoil refinery from 12.5% to 25%; the MiRO refinery from 12% to 24%; and the PCK refinery – from 35.42% to 54.17%
In exchange, BP will consolidate 100% of the equity of the Gelsenkirchen refinery and the solvent production facility DHC Solvent Chemie.
“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% stake in Rosneft, will consolidate 100% of the equity of the Gelsenkirchen refinery and DHC Solvent Chemie, a solvent production facility, Rosneft said.
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