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Rosneft buys stake in Germany refining-petchem venture for $1.6bn

October 15/2010

TORONTO (ICIS) -- Venezuelas state oil firm PdVSA has sold its 50% stake in the Germany-based Ruhr Oel refining-petrochemicals joint venture with BP to Russias Rosneft for $1.6bn (?1.1bn), the companies said on Friday.


Ruhr Oel is the owner of a refining-petrochemicals complex in Gelsenkirchen, and it holds stakes in three major German refineries. It also owns a specialty chemicals affiliate, DHC Solvent Chemie.


According to BP, Ruhr Oel accounts for over 19% of German refining production capacity and over 5% of northwest-European ethylene production capacity.


The change of ownership would not affect operations at the facilities, BP said. The transaction was expected to be completed next year, subject to regulatory approvals, it added.

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