Rosneft to Buy PDVSA Stake in Refiner for $1.6 Billion

OAO Rosneft, Russia’s largest oil producer and refiner, agreed to buy Petroleos de Venezuela SA’s 50 percent stake in a German refining venture for $1.6 billion to expand into Europe.

Rosneft and PDVSA signed the agreement today at the Kremlin in a ceremony broadcast on state television. BP Plc, which holds the remaining 50 percent of the venture, welcomes Rosneft as a partner, company spokesman Toby Odone said by telephone.