Rosneft plans to revise joint venture’s terms of wholesale product sales

The Russian business daily Kommersant reported that Russian oil giant Rosneft wants to revise the terms of wholesale products sales of the German company Ruhr Oel GmbH (ROG). ROG is a joint venture between Rosneft and BP, one of the leading international oil and gas companies in the world. The wholesale oil product sales of ROG are done by AMV, which BP fully controls. Rosneft, which acquired the 50% stake of Venezuela’s PDVSA in ROG last October 2010, controls the company’s oil product exports. ROG’s main asset is its Gelsenkirchen Refinery, which is linked to an oil pipeline in Rotterdam, the Netherlands. It is capable of refining Russia’s Urals oil. ROG has a refining capacity of 23.2 million tons of oil per year. (March 11, 2012)