Acquisition of a stake in Ruhr Oel GmbH
In October 2010 Rosneft reached an agreement with the Venezuelan national oil company (PDVSA) on acquisition of 50% of Ruhr Oel GmbH for USD 1.6 bln (not including working capital). Ruhr Oel owns stakes in four refineries in Germany. The acquisition gives Rosneft a refining partnership with BP, which owns the other half of Ruhr Oel.
Total refining capacities of Ruhr Oel are 23.2 mln tonnes (the net share of Rosneft is 11.6 mln tonnes), which represents about 20% of total refining capacities in Germany. The refineries have advantageous geographical locations and a high complexity index. They are also in excellent condition and fully match the latest requirements for product quality. The share of Urals crude in total refining volumes of Ruhr Oel in 2010 was about 50% and this level may be increased in the future. The Gelsenkirchen Refinery, which is fully owned by Ruhr Oel, has a 3.9 mln tonne petrochemical block producing 250 different products. Rosneft will also have access to the wholesale margin of AMV, which is owned by BP and specializes on wholesale marketing of products on the German market.
The acquisition will increase Rosneft’s refining-to-production ratio, give the Company exposure to the German petroleum product market, and offer access to BP’s know-how in refining and management.
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