ROSNEFT INCREASES SHAREHOLDING
Russia's OJSC Rosneft has entered a deal with BP PLC to dissolve their Ruhr Oel GMBH (ROG) joint venture as part of a plan by the companies to restructure their refining and petrochemical businesses in Germany.
Now signed, the binding agreement for ROG's dissolution follows approvals by the companies' boards on Dec. 31, 2015, and Jan. 14, Rosneft and BP said.
As part of the restructuring deal, Rosneft will become a direct shareholder and increase its shareholding in three of ROG's four refineries as follows:
- To 25% from 12.5% in the 11 million-tonne/year multisite Bayernoil Raffineriegesellschaft GMBH refinery in Vohburg, Ingolstadt, and Neustadt.
- To 24% from 12% in the 14.9 million-tpy Mineraloelraffinerie Oberrhein GMBH (MiRO) refinery in Karlsruhe.
- To 54.17% from 35.42% in the 11 million-tpy PCK Raffinerie GMBH refinery in Schwedt.
In exchange, BP will take 100% ownership of the 12.8 million-tpy refinery in Gelsenkirchen, as well as the DHC Solvent Chemie GMBH solvent plant in Ruhr.
Already greenlighted by the Bundeskartellamt, Germany's antitrust authority, the agreement is expected to be approved by the European Commission during this year's first quarter, Rosneft said.
Pending final approval, the restructuring deal is scheduled to be completed by yearend, the companies said.
The EC has set a Feb. 10 deadline to make a preliminary ruling on the proposed transaction, according to the commission's web site.
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