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

 

 

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Praxair to build cryogenic ASU in India

TOKYO, JAPAN:Asahi Kasei E-materials will increase production capacity for Hipore Li-ion battery (LIB) separator by 50 million m2/year at its plant in ...

Read more
Elevance acquires Delta BioFuels facility in Natchez

PENNSYLVANIA, US: Air Products announced that its new electronic materials facility in Banwol, Korea has completed start-up and is successfully on-lin ...

Read more
Bayer CropScience,Syngenta collaborate for herbicide tolerance

The companies have decided for joint development of HPPD soybean trait. The new tool will look to combat weed resistance. MONHEIM, GERMANY: Bayer Cro ...

Read more
Berkshire Hathaway to acquire Lubrizol for approx $ 9.7 billion

The company will acquire Lubrizol for $ 135 per share in an all cash transaction. The 28 per cent premium represents compelling value for all Lubriz ...

Read more
Arkema increases price on plastics additives range

  COLOMBES, FRANCE: Arkema has increased its prices for Thermolite Thermal Stabilizers, Clearstrength MBS Impact Modifiers, Durastrength Acryl ...

Read more
Wacker to raise prices for some polymers

  MUNCHEN, GERMANY: Wacker Polymers is to raise its prices for vinyl acetate, vinyl chloride and acrylic-based dispersible polymer powders and c ...

Read more