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BP to acquire 20% stake in Rosneft’s Siberian oilfield

by ChemOrbis Editorial Team -
  • 19/06/2015 (09:57)
According to a press release on BP Royal Dutch’s website, jointly issued with Russia’s Rosneft, the two companies have inked agreements on oil production, exploration and refining. Under the new deals, BP will acquire a 20% stake worth around $750 million in Rosneft’s Taas-Yuryakh Neftegazodobycha LLC (Taas) and the two companies will create a new joint venture in East Siberia. The closing of the deal is reportedly subject to regulatory approvals.

As part of the new agreement, BP and Rosneft will also jointly explore for oil in areas in Siberia as well as in the West Siberian and Yenisey-Khatanga basins covering a combined area of about 260,000 square kilometers and, if successful, form a joint venture with a 51% share held by Rosneft and 49% owned by BP.

The two companies have also agreed to a reorganization of their RuhrOel GmbH joint venture in Germany. As part of the reorganization, BP will own the entirety of the Gelsenkirchen refinery and solvent producer DHC Solvent Chemie while Rosneft will increase its shares in the Bayernoil refinery to 25% from 12.5%; the MiRO refinery to 24% from 12%; and the PCK Raffinerie to 37.5% from 18.75%.
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