Rosneft and BP have secured approval from the German Federal Ministry of the Economy and Energy (Bundesministerium für Wirtschaft und Energie) for their previously signed agreement to dissolve the existing refining joint venture (JV) Ruhr Oel GmbH (ROG).
Prior to this, the companies obtained approvals from the German antitrust regulator Bundeskartellamt, and from the European Commission on 21 December 2015 and 1 February 2016, respectively.
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The companies plan to complete the JV restructuring process by the end of 2016.
Upon completion, Rosneft and BP will be able to realign their petrochemical and refining strategies in Europe.
BP will completely own the Gelsenkirchen refinery and consolidate its refining business in Ruhr’s industrial area in Europe.
The latest move will be part of BP’s effort to simplify operations.
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By GlobalDataIn January 2016, the companies signed an agreement to dissolve the JV.
The agreement came as the companies are close to completion of the previously announced restructuring of their German refining and petrochemical venture.
Upon completing the restructuring, Rosneft will increase its shareholding in the Bayernoil refinery from the existing 12.5% to 25%; the MiRO refinery from 12% to 24%.
The company’s shareholding in the PCK refinery will also increase from 35.42% to 54.17%.
BP in exchange will consolidate 100% of the equity of the Gelsenkirchen refinery and the solvent production facility DHC Solvent Chemie.
Image: Upon completing the restructuring, Rosneft will increase its shareholding in the PCK refinery from 35.42% to 54.17%. Photo: © ROSNEFT.
