Russia’s OJSC Rosneft and BP PLC have gained all required regulatory approvals to move forward with the companies’ recently announced plan to dissolve their Ruhr Oel GMBH (ROG) joint venture (OGJ Online, Jan. 15, 2016).
The European Commission approved the deal on Feb. 1, clearing the JV’s dissolution and restructuring program, Rosneft said on Feb. 12.
EC’s consent follows earlier approval of the transaction by the Bundeskartellamt, Germany’s antitrust authority, on Dec. 21, 2015.
With regulatory approvals now in place, the companies remain on schedule to complete the JV restructuring process by yearend, the Russian operator said.
While the JV’s dissolution comes as part of individual strategies by Rosneft and BP to redirect their European petrochemical and refining businesses, the companies said they remain committed to assist each other during the transition.
As part of the restructuring deal, BP will take 100% ownership of the 12.8 million-tonne/year refinery in Gelsenkirchen, as well as the DHC Solvent Chemie GMBH solvent plant in Ruhr.
In exchange, 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-tpy 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.
BP became Rosneft’s 50% partner in the ROG JV in 2011, following the departure of former partner Petroleos de Venezuela SA (OGJ Online, May 6, 2011).