Rosneft and BP have signed a binding agreement to dissolve the existing refining JV Ruhr Oel GmbH (ROG) as they move toward completion of the previously announced restructuring of the two companies' German refining and petrochemical venture. The agreement was approved by the Rosneft Board of Directors at the meeting on December 31, 2015 and by the Board of BP Europa SE on 14 January, 2016.

When the restructuring is completed later this year, Rosneft will become a direct shareholder and increase its shareholding in the Bayernoil refinery from 12.5% to 25%; the MiRO refinery from 12% to 24%; and the PCK refinery - from 35.42% to 54.17% In exchange, BP will consolidate 100% of the equity of the Gelsenkirchen refinery and the solvent production facility DHC Solvent Chemie.

Tags: BP PLC, Rosneft