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Rosneft ups its stake in Bayernoil refinery

January 21/2020

MOSCOW (MRC) -- Russian oil producer Rosneft said that its German subsidiary Rosneft Deutschland GmbH had completed the deal to acquire a 3.57% stake in Germanys Bayernoil Raffineriegesellschaft mbH from BP, said the producer.

The deal increased Rosnefts stake in the Bayernoil refinery to 28.57% from 25%, Rosneft said in a statement, adding that the deal also increased its share in the refinerys capacity to almost 3 million tonnes a year and strengthened its marketing presence in Germanys Bavaria and Austria.

As MRC informed earlier, 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.

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.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,904,410 tonnes in the first eleven months of 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments increased from both domestic producers and foreign suppliers. The PP consumption in the Russian market was 1,161,830 tonnes in January-November 2019, up by 7% year on year. Deliveries of all grades of propylene polymers increased, with the homopolymer PP segment accounting for the largest increase.

Rosneft became Russia's largest publicly traded oil company in March 2013 after the USD55 billion takeover of TNK-BP, which was Russias third-largest oil producer at the time.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, crude oil, petrochemistry, British petroleum, Rosneft.
Category:General News
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