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