Rosneft increases ownership interest in German refinery

Rosneft PJSC subsidiary Rosneft Deutschland GMBH has completed a deal to purchase a 3.57% stake from BP PLC in Bayernoil Raffineriegesellschaft MBH’s 207,000-b/d multisite refinery at Vohburg, Ingolstadt, and Neustadt, in Bavaria, Germany.

With the transaction now completed, Rosneft Deutschland has increased its shareholding in the refinery to 28.57% from 25%, as well as boosted its share of the refinery’s overall capacity to about 60,000-b/d, Rosneft said.

“Since the beginning of asset management and oil product marketing activities in Germany in 2017, Rosneft is constantly growing its customer base. At the same time, the south of Germany and neighboring countries are important regions of Rosneft’s business. Increasing share in Bayernoil refinery is a logical step that will contribute to further development of the company’s business on European markets,” said Igor Sechin, Rosneft’s chief executive officer.

The share increase in Bayernoil follows the previously completed dissolution by Rosneft and BP of their Ruhr Oel GMBH joint venture (OGJ Online, Jan. 16, 2017; Feb. 12, 2016).

Alongside Rosneft’s 28.57% interest in the Bayernoil refinery—which supplies oil products to Bavaria and northern Austria—other shareholders include Varo Energy BV 51.43% and Eni SPA 20%.