The Russian company Rosneft, the world largest oil production firm, and BP dissolved their former refining and petrochemical 50/50 Joint Venture called Ruhr Oel GmbH (ROG), active in Germany, with effect from 1 January 2017.
As a result of the JV restructuring Rosneft became a direct holder and increases its shareholding in three refineries : Bayernoil (distillation capacity of 206,000 bbl/d) from 12.5% to 25%; MiRO from 12% to 24% (distillation capacity of 298,000 bbl/d) and PCK (distillation capacity of 232,000 bbl/d) from 35.42% to 54.17%. Consequently, Rosneft holds more than 12% of the country's refining capacity with a total refining throughput of 500,000 bbl/d, becoming the third largest oil refiner in Germany.
In exchange, BP consolidated 100% of the equity of the Gelsenkirchen refinery (distillation capacity of 257,000 bbl/d) and the solvents production facility DHC Solvent Chemie.