Investment analysts at Societe Generale upgraded shares of BP plc (BP) from a Hold to a Buy rating
Rosneft and BP said on Friday that they have agreed to dissolve their refining joint venture Ruhr Oel GmbH (ROG) as they move toward completion of the restructuring of their German refining and petrochemical venture.
When the restructuring is completed later this year, Rosneft will become a direct shareholder and increase its shareholding in the Bayernoil refinery from 12.5% to 25%; the MiRO refinery from 12% to 24%; and the PCK refinery – from 35.42% to 54.17% In exchange, BP will consolidate 100% of the equity of the Gelsenkirchen refinery and the solvent production facility DHC Solvent Chemie.
The restructuring of Ruhr Oel GmbH will enable the oil and gas firms Rosneft and BP to re-focus their refining and petrochemicals strategies in Germany.
Sole ownership of the Gelsenkirchen refinery will re-focus BP’s refining business in the heart of Europe and is in line with the company’s drive for greater simplification and efficiency.
BP provides fuel for transportation, energy for heat and light, lubricants to engines, and petrochemicals products worldwide.
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