[에너지신문] 18 January 2016 - Rosneft and BP have signed a binding agreement to dissolve the existing refining JV Ruhr Oel GmbH (ROG), as the companies are completing the reorganisation of the company.
When the restructuring is completed later in 2016, Rosneft will become a direct shareholder and increase its shareholding in the Bayernoil refinery from 12.5% to 25%, in the MiRO refinery from 12% to 24% and in the PCK refinery from 35.42% to 54.17%. In exchange, BP will consolidate 100% of the equity of the Gelsenkirchen refinery and the solvent production facility DHC Solvent Chemie.
The transaction was approved in December 2015 by the Bundeskartellamt (German Anti-Trust Authority), while the approval of the transaction by the European Commission is expected to be granted in first quarter of 2016.
The restructuring of ROG will enable Rosneft and BP to re-focus their refining and petrochemicals strategies in Germany. Sole ownership of the Gelsenkirchen refinery will re-focus BP’s refining business in Europe and is in line with the company’s drive for greater simplification and efficiency.
-http://www.enerdata.net/enerdatauk/press-and-publication/energy-news-001/rosneft-and-bp-dissolve-their-german-joint-venture-ruhr-oel_35760.html