Russia’s Rosneft, BP sign deal to wind down German JV Ruhr Oel

MOSCOW, Jan 15 (PRIME) -- Russian state-run oil major Rosneft and U.K. giant BP have signed a legally binding agreement to dissolve their German joint venture Ruhr Oel GmbH (ROG) and the restructuring is expected to be finished until the end of 2016, Rosneft said in a statement Friday.

As a result of the restructuring, Rosneft will become a direct shareholder and increase its interest in the Bayernoil refinery to 25% from 12.5%, the MiRO refinery to 24% from 12%, and the PCK refinery to 54.17% from 35.42%, the company said. In exchange, BP will consolidate 100% of equity of the Gelsenkirchen refinery and the solvent production facility DHC Solvent Chemie.

In December 2015, Rosneft received approval of the deal from German antitrust authority Bundeskartellamt. It expects to get European Commission approval of the deal sometime in January–March, Rosneft said.

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