Rosneft buys 50 pc Ruhr Oel GmbH, becomes BP partner

Rosneft buys 50 pc of Ruhr Oel GmbH, becomes BP partner

12:24 PM, 17th June 2011
Rosneft buys 50 pc of Ruhr Oel GmbH, becomes BP partner

MOSCOW, RUSSIA: Rosneft has acquired 50 per cent of Ruhr Oel GmbH from the Venezuelan state oil company Petróleos de Venezuela SA (PDVSA). The European Commission approved acquisition by Rosneft of a 50 per cent stake in Ruhr Oel on March 11, 2011.

The acquisition agreements took effect from May 1, 2011 following completion of necessary closing documentation and procedures. The initial transaction agreements were signed in the Kremlin on 15 October 2010.

“This is a step towards strengthening of Rosneft’s positions on priority foreign markets. The acquisition means that about 18 per cent of our refining capacity will be located in Europe’s industrial heartland, giving Rosneft access to petroleum product and petrochemical markets in Germany and neighbouring countries,” said Eduard Khudainatov, President, Rosneft Oil company. 

“By developing cooperation with our partners at BP, Rosneft plans to strengthen the positions of Ruhr Oel by supplying it with Rosneft crude oil and to enrich our own refining and petrochemical business with the latest European experience and most up-to-date technologies. Completion of the deal exemplifies the long-established partnership relations between Rosneft and BP, which are cemented by many years of joint work,” he added.

(C) WOC News





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