The agreement to dissolve the JV is a part of the firms’ previously announced restructuring of their refining and petrochemical venture in Germany.
Upon completion of restructuring scheduled later this year, 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%.
BP, however, will acquire 100% stake in the Gelsenkirchen refinery and the solvent production facility DHC Solvent Chemie.
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."
The Ruhr Oel JV restructuring is expected to allow Rosneft and BP to re-focus on their refining and petrochemicals strategies in Germany.
In 2015, Rosneft has agreed to sell a 20% share in Taas-Yuryakh Neftegazodobycha (Taas) in eastern Siberia to BP for $750m, to form a joint venture (JV).
The JV agreed to further develop the Srednebotuobinskoye oil and gas condensate field in eastern Siberia, as well as explore new opportunities in the region.
