Rosneft and BP reform their partnership

Rosneft has reformatted the relationship with its largest private shareholder BP. The state-owned has company finally reached an agreement with the British on division of the oil refining in their joint venture Ruhr Oel, which controls about 20% of the German market. The joint venture, in fact, will be divided: Rosneft, which wasn’t satisfied with the distribution of profits, will increase its stakes in three refineries and BP will fully redeem one of the plants. The partners also agreed the sale of 20% in Taas-Yuryakh Neftegazodobycha to BP, at the same time other investors can appear in the asset - the Arab Fund Skyland Petroleum, which manages fund of China.

On Friday, during the St. Petersburg forum Rosneft and its largest private shareholder BP (which owns 19.75% of the company’s shares) signed a number of agreements to "strengthen the long-term strategic relationship". However, the most prominent of them - the reorganization of the German joint venture company Ruhr Oel Gmbh, which owns stakes in four refineries - in fact, led to the division of the partners’ business. Rosneft will double its shares in Bayernoil - to 25%, in MiRO - to 24% and in PCK Raffinerie - to 37.5%, while BP will consolidate 100% in Gelsenkirchen refinery and an enterprise for the production of solvents DHC Solvent Chemie.