(MarketWatch) – Oil and gas firms Rosneft and have Friday agreed to dissolve their refining joint venture Ruhr Oel GmbH as they move toward completion of the restructuring of their German refining and petrochemical venture.
The agreement was approved by the Rosneft board of directors on Dec. 31, 2015, and by the board of BP Europa SE on Jan. 14.
When the restructuring is completed later this year, Rosneft will become a direct shareholder and increase its shareholding 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%.
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 petrochemical strategies in Germany.
Sole ownership of the Gelsenkirchen refinery will re-focus BP’s refining business in the heart of Europe and is in line with the company’s drive for greater simplification and efficiency, it said.
By Razak Musah Baba
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