Russia's Rosneft will control 12 percent of the oil market in Germany
The Russian state-owned company Rosneft starting on January 1st, 2017, will increase the portion of its shares in three German refineries: Bayernoil (from 12.5 percent to 25 percent), PCK Schwedt (from 35.4 to 54.1 percent) and Miro Karlsruhe (from 12 to 24 percent). Rosneft received this possibility as a result of the completion of the agreement on restructuring a joint venture with the refinery and petrochemical company Ruhr Oel GmbH (ROG) in Germany, that was previously signed with the BP company.
In accordance with the conditions of the deal, BP receives 100 percent of the shares of the Gelsenkirchen refinery and the manufacturer of solvents DHC Solvent Chemie. The report of the Russian company says that the agreement between Rosneft and BP will enter into force on January 1st, 2017.
The AFP agency writes that increasing its shares in three German refineries will allow Rosneft to control 12 percent of the German petroleum products market, processing 12.5 million tons a year. This way the company will become the third-largest in the German refinery market and will start to develop its own business in the country by establishing a new subsidiary Rosneft Deutschland.
According to Rosneft’s statement, thanks to the restructuring of the ROG, the Russian oil giant will substantially strengthen its position in one of Europe's most promising petroleum products markets.