A subsidiary of Russian state-run oil company Rosneft in Germany, Rosneft Deutschland GmbH, has completed the deal to acquire a 3.57% stake in BayernoilRaffineriegesellschaftmbH from British giant BP increasing its shareholding in the refinery to 28.57% from 25%, Russia’s biggest oil firm said in a statement
According to Interfax, the company will increase its share in the refinery capacity of the Bayernoil to almost 3 mln tonnes per year following the deal.
“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 Chief Executive Officer Igor Sechin was quoted as saying.
Bayernoil refinery is located in the cities of Vohburg and Neustadt am der Donau in Bavaria, Germany. It supplies oil products to Bavaria and northern Austria. The capacity of the refinery amounts to 10.3 million tons per year.
Rosneft is the third largest refining company in the German market with a total crude refining of up to 12.5 million tons per year, which is more than 12% of Germany’s capacity. The operating activities are carried out by Rosneft Deutschland GmbH, which manages oil refining in its share in three refineries in which it has an interest.