BP adds Rosneft as partner in German refining JV
5/9/2011 12:00:00 AM
BP has added Rosneft as its new partner in its German refining joint venture, Ruhr Oel GmbH (ROG).
This follows the completion of the deal announced last October in which BP’s existing partner, PdVSA of Venezuela, agreed to sell its 50% interest in the joint venture to Rosneft.
The deal became effective from May 1.
Welcoming Rosneft as BP’s new partner, CEO Bob Dudley said: “I am very pleased to see the completion of this complex transaction, further strengthening our relationship with Rosneft.”
Through the 50:50 joint venture, both companies co-own the following assets:
· Gelsenkirchen Refinery (100% ROG)
· PCK Schwedt Refinery (37.5% ROG share)
· Bayernoil Refinery (25% ROG share)
· MiRO Refinery (24% ROG share)
Comments