Russia's Rosneft Raises Stake In Bavaria's Bayernoil To 28.57%

Mohammad Ali (@ChaudhryMAli88) Published January 18, 2020 | 02:10 AM

Russia's Rosneft Raises Stake in Bavaria's Bayernoil to 28.57%

MOSCOW (UrduPoint News / Sputnik - 18th January, 2020) Russian energy giant Rosneft has increased its stake in German oil refinery Bayernoil to 28.57 percent after scooping up British rival BP's stake, media said.

Rosneft Deutschland GmbH confirmed to the Handelsblatt daily that its stake in the Bavarian refinery had gone up by over 2.

5 points from 25 percent.

The rest of Bayernoil's shares are reportedly split up between Switzerland's Varo Energy with 51.43 percent and Italy's Eni with 20 percent.

The Moscow-based company seized the opportunity to increase its assets in Germany and boost refinery capacity by almost 3 million tonnes a year after Bayernoil suffered from oil shipment delays in 2019.

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