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MOSCOW, February 22. /TASS/. The total consideration of the transaction between Russia’s Rosneft and British BP on acquisition of shares in refineries in Germany as part of the restructuring of Ruhr Oel GmbH, a joint operation with BP Group, amounted to $1.522 bln (92 bln rubles at the CBR official exchange rate at the acquisition date), according to the company’s IFRS financials released on Wednesday.
"As of December 31, 2016, the company had not yet completed the fair value estimation of assets acquired and liabilities assumed in the refineries in Germany. The allocation of the purchase price to the fair value of the assets acquired and liabilities assumed will be finalized within 12 months of the acquisition date," the report said.
In end-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. As a result of the restructuring Rosneft became a direct holder and increased its shareholding in the Bayernoil refinery from 12.5% to 25%, in the MiRO refinery - from 12% to 24%, and in the PCK refinery - from 35.42% to 54.17%. In exchange, BP consolidated 100% of the equity of the Gelsenkirchen refinery and the solvents production facility DHC Solvent Chemie GmbH.