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Rosneft Raises Exposure to Germany's Oil Refining After BP Deal

Source: Reuters 12/29/2016, Location: Europe

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Russia's largest oil producer and its shareholder BP have completed dissolution of Ruhr Oel, their refining joint venture in Germany, Rosneft said on Thursday.

Rosneft said with the restructuring it had embarked on developing its own business in Germany and had created a new subsidiary called Rosneft Deutschland.

The deal will allow Rosneft to gain control over more than 12 percent of Germany's oil refining market with annual refining capacity of 12.5 million tonnes.

Rosneft will also 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.

For its part, BP will take 100 percent control of the Gelsenkirchen refinery and DHC Solvent Chemie, a solvent production facility.

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