The deal has already received approvals from the German antitrust regulator Bundeskartellamt, and from the European Commission on 21 December 2015 and 1 February 2016, respectively.
Upon completion of JV restructuring process by the end of this year, the firms will realign their petrochemical and refining strategies in Europe.
In January 2016, the companies signed an agreement to dissolve the JV as a part of the firms’ previously announced restructuring of their refining and petrochemical venture in Germany.
Upon restructuring, Rosneft will become a direct shareholder in the Bayernoil refinery by increasing its stake from 12.5% to 25%.
The firm will also increase its stake in the MiRO refinery from 12% to 24% as well as in the PCK refinery from 35.42% to 54.17%.
Additionally, BP will acquire 100% stake in the Gelsenkirchen refinery and the solvent production facility DHC Solvent Chemie BP.
BP Russia president David Campbell said earlier: "Our sole ownership of the Gelsenkirchen refinery will re-focus our refining business in the heart of Europe and is in line with our drive for greater simplification and efficiency."
Image: The PCK refinery. Photo: © ROSNEFT.
