The deal became effective from 1 May 2011.

I am very pleased to see the completion of this complex transaction, further strengthening our relationship with Rosneft.

—Bob Dudley BP group chief executive

Through the 50:50 joint venture both companies co-own the following assets:

• Gelsenkirchen Refinery (100% ROG)
• PCK Schwedt Refinery (37.5% ROG share)
• Bayernoil Refinery (25% ROG share)
• MiRO Refinery (24% ROG share)

ROG was established in 1983 as a 50/50 JV between Veba Oel GmbH and PdVSA, and has continued to operate successfully since BP’s acquisition of Veba Oel GmbH in 2002. ROG owns refining and petrochemical assets in Germany, including the Gelsenkirchen refining and petrochemicals site as well as shares in PCK Schwedt, Mineralölraffinerie Oberrhein in Karlsruhe and Bayernoil in Neustadt.

In addition to these refineries, ROG owns DHC Solvent Chemie, one of Europe’s leading manufacturers of solvents and other speciality products from oil. Finally ROG holds shares in various pipeline companies which transport crude oil to these refineries.

The ROG joint venture is operated by BP, and is a major contributor to the manufacture and supply of transport fuels and base petrochemicals in Germany. It owns more than 19% of German refining capacity and 5% of the ethylene production capacity in Northwest Europe. The ROG refineries produce most of the fuel sold by BP via its Aral branded service stations.