The companies finalized the deal to dissolve the refining and petrochemical JV on Jan. 1, Rosneft said.
With restructuring now completed, Rosneft has become a direct shareholder and increased its shareholding in three of the four former Ruhr Oel refineries as follows:
• To 25% from 12.5% in the 11 million-tonne/year 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.
In exchange, BP has taken 100% ownership of the 12.8 million-tpy refinery in Gelsenkirchen, as well as the DHC Solvent Chemie GMBH solvent plant in Ruhr.
While Rosneft and BP will gradually transition the products-marketing chain to ensure full and timely implementation of contracts with refinery customers in the wake of the JV’s dissolution, the companies have agreed to complete this transitional phase by yearend 2018, Rosneft said.
With an overall refining capacity in Germany of 12.5 million tpy—or more than 12% of the country’s overall capacity—following the transaction, Rosneft is now focusing on developing its independent German business through new subsidiary Rosneft Deutschland GMBH.
Alongside use of long-term supply contracts, Rosneft’s future plans for its German business include the following:
• Launching sales of jet fuel produced at its German refineries under direct contracts with airlines in Germany’s major airports.
• Entering the German motor-road construction market with a specialized line of polymer-modified bitumen products such as Alfabit, a polymer-bitumen binder designed for paving roads in Russia’s harsh climate conditions. Rosneft, through its cooperation with German research institutes, will adapt Alfabit recipes to special requirements of Germany’s market.
• Organizing supplies of marine fuel to German sea ports.
Contact Robert Brelsford at firstname.lastname@example.org.