The company is set to buy a 50% stake in Ruhr Oel, which holds stakes in these refineries, from Venezuelan state oil company Petroleos de Venezuela (PdVSA) for a purchase price of between $1bn and $2bn, The Wall Street Journal reported.
British oil company BP holds the remaining 50% stake in Ruhr Oel and has a right of first refusal on the holding of its Venezuelan partner.
In exchange for waiving that right, the embattled oil company has been offered a contract by Rosneft to explore oil in the Arctic Ocean, the newspaper reported citing people familiar with the matter.
