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MOSCOW, December 25. /TASS/. Rosneft received approval from the German antimonopoly regulator Bundeskartellamt on the restructuring deal for the Rosneft-BP joint venture Ruhr Oel GmbH (ROG), company’s representative told TASS on Friday.
Planned restructuring of JV ROG provides for the change in the JV structure by dividing stakes in four refineries and related infrastructure in the territory of Germany between the parties. Following the deal completion Rosneft will double its equity interests in Bayernoil Refinery to 25% from 12.5% and MiRO Refinery to 24% from 12%, and increase the participation stake in PCK Raffinerie from 35.42% to 54.17%. BP will in its turn consolidate the 100% equity interest in Gelsenkirchen Refinery and solvent producer DHC Solvent Chemie.
Rosneft acquired 50% in the joint venture Ruhr Oel GmbH (ROG) with BP Europa SE in Germany in May 2011. ROG holds equity interests in four Germany-based refineries (Gelsenkirchen - 100%; Bayernoil - 25%; MiRO - 24%; and PCK Raffinerie GmbH - 37.5%). Furthermore, the joint venture has equity interests in five supply pipelines and marine terminals on the Northern, Baltic, Mediterranean and Adriatic Seas.