29 Oct 2010 15:58

Transfer of Rosneft managers to Ruhr Oel to be completed in Q1 2010

WARSAW. Oct 29 (Interfax) - The transfer of Rosneft representatives onto the management team of German refining concern Ruhr Oel will be completed in the first quarter of 2010, Rosneft President Eduard Khudainatov said.

Rosneft's purchase of a 50% stake in Ruhr Oel will be closed "in the coming three-four months," he said.

Rosneft will send specialists to Ruhr Oel in early November to discuss transfer of Rosneft representatives to the management team.

It was reported earlier that Rosneft reached agreement to buy the 50% stake in Ruhr Oel from PDVSA on October 15. Rosneft will pay $1.6 billion for the stake, excluding PDVSA's share of crude inventory and receivables to be valued at closing.

Ruhr Oel GmbH is a 50/50 downstream joint venture between BP and PDVSA. The JV has ownership stakes in four German refining and petrochemical complexes: Gelsenkirchen (including a 3.9 mmtpa petrochemical complex) - 100%, MiRO - 24%, Bayernoil - 25%, and PCK Schwedt - 37.5%.

Ruhr Oel's aggregate equity refining capacity in the four plants is 23.2 million tonnes per annum (mmtpa), amounting to approximately 20% of total German refining capacity. The acquisition increases Rosneft's equity refining capacity by 11.6 mmtpa.