Rosneft increases stake in Bayernoil oil refinery

Oil company Rosneft’s German subsidiary Rosneft Deutschland, has completed the acquisition of an additional 3.57% stake in Germany’s Bayernoil Raffineriegesellschaft from BP.

The latest deal raises Rosneft’s stake in the oil refinery to 28.57% from 25%.

Under the deal, Rosneft also increased its share in the refinery’s capacity to almost three million tonnes per annum (Mtpa).

Located in Vohburg and Neustadt an der Donau, the Bayernoil refinery supplies fuel to Bavaria and northern Austria.

It currently can process 10.3Mtpa.

Rosneft, Varo Energy, and Eni are shareholders in the Bayernoil oil refinery respectively owning 28.57%, 51.43% and 20% interests.

Commenting on the completion of the deal, Rosneft CEO Igor Sechin 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 neighbouring 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 the European market.”

Rosneft Deutschland is a wholesaler of petroleum products in Bavaria and engaged in the deliveries of Rosneft’s proprietary polymer modified bitumen Alphabit.

This subsidiary manages both the supply of crude oil to the refineries and the sales of petroleum products.

In February 2016, Rosneft and BP secured approval from the German Federal Ministry of the Economy and Energy for their previously signed agreement to dissolve the refining joint venture (JV) Ruhr Oel GmbH (ROG).