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Rosneft does not rule out raising stake in German oil refineries

February 13, 13:57 UTC+3 SCHWEDT

In late December 2016, Rosneft and BP announced the completion of the deal to dissolve the refining and petrochemical Joint Venture Ruhr Oel GmbH in Germany

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SCHWEDT, February 13. /TASS/. Rosneft does not rule out a possible extension of its stake in German refineries: PCK Raffinerie GmbH, MiRO, Bayernoil given appropriate proposals and economic efficiency, Managing Director at Rosneft Deutschland GmbH Brian Chesterman told reporters.

"We will look at every opportunity that comes up, if other shareholders would like to divest or there are other opportunities in the German market - we will always evaluate these based on economic efficiency for Rosneft and if they are attractive, then we will pursue them. They have to work economically first, before we do anything," Chesterman said.

At the same time, Chesterman did not disclose the economic performance of German assets, noting that the business is profitable.

In late December 2016, Rosneft and BP announced the completion of the deal to dissolve the refining and petrochemical Joint Venture Ruhr Oel GmbH (ROG) in Germany. The agreement came into effect from January 1, 2017.

As a result of the JV restructuring Rosneft became a direct holder and increases its shareholding in the Bayernoil refinery from 12.5% to 25%; the MiRO refinery from 12% to 24%; and the PCK refinery - from 35.42% to 54.17%. In exchange, BP consolidates 100% of the equity of the Gelsenkirchen refinery and the solvents production facility DHC Solvent Chemie.

According to Chesterman, the reorganization process of the joint venture does not involve any financial payments to Rosneft and BP, and the former joint venture ROG does not have any credit obligations.

After dividing assets, BP consolidated a 100% stake in the Gelsenkirchen refinery and DHC Solvent Chemie.

Rosneft is the third largest crude oil refiner in the German market with a total refining throughput approximately 12.5 mln tonnes per year, representing more than 12% of the processing capacity in Germany. Average conversion rate of the Rosneft capacities is 93%, average Nelson complexity index - 9.1. Operating activities in Germany are run by Rosneft subsidiary - Rosneft Deutschland GmbH, which manages feedstock supplies to Rosneft shares in PCK, MiRO and Bayernoil refineries as well as sales of refined products.

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