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MOSCOW, Jan 15 (Reuters) - Russia's top crude oil producerRosneft said on Friday it has agreed with BP todissolve its refining joint venture in Germany, Ruhr Oel.
The decision was approved by Rosneft's board in December,while BP Europa SE's board gave it the green light on Thursday.
After restructuring later this year, Rosneft will become adirect shareholder in the Bayernoil refinery, increasing itsstake in it to 25 percent from 12.5 percent. It will also raiseit stake in the MiRO refinery to 24 percent from 12 percent andin the PCK refinery to 54.17 percent from 35.42 percent.
"The restructuring of Ruhr Oel GmbH will enable Rosneft andBP to re-focus their refining and petrochemicals strategies inGermany," Rosneft said in a statement.
European Commission approval of the deal is expected in thefirst quarter of this year.
BP, which owns a 19.75 percent stake in Rosneft, willconsolidate 100 percent of the equity of the Gelsenkirchenrefinery and DHC Solvent Chemie, a solvent production facility,Rosneft said. (Reporting by Vladimir Soldatkin; Editing by Jack Stubbs andAndrew Osborn)