MOSCOW (MRC) -- Russia's largest oil producer Rosneft, which owns downstream assets in Germany including stakes in a number of oil refineries, plans to invest around EUR600 million (USD690 million) in the German downstream market, reported Reuters with reference to Russian government documents.
As MRC informed before, in January 2017, Russia's Rosneft and its shareholder BP completed dissolution of Ruhr Oel, their refining joint venture in Germany. Rosneft said with the restructuring it had embarked on developing its own business in Germany and had created a new subsidiary called Rosneft Deutschland.
The deal allowed Rosneft to gain control over more than 12 percent of Germany's oil refining market with annual refining capacity of 12.5 million tonnes. Rosneft also became a direct shareholder in the Bayernoil refinery, increasing its stake in it to 25 percent from 12.5 percent. It also raised it stake in the MiRO refinery to 24 percent from 12 percent and in the PCK refinery to 54.17 percent from 35.42 percent. For its part, BP took 100 percent control of the Gelsenkirchen refinery and DHC Solvent Chemie, a solvent production facility.
Rosneft became Russia's largest publicly traded oil company in March 2013 after the USD55 billion takeover of TNK-BP, which was Russia’s third-largest oil producer at the time.
MRC