BP Welcomes Rosneft as New Partner in German Refining Joint Venture

BP today welcomed 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 per cent interest in the joint venture to Rosneft.

The deal became effective from 1 May 2011.

Welcoming Rosneft as BP’s new partner, Bob Dudley BP group chief executive, 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)

Source www.bp.com