and rail. It supplies fuel and related retail services to consumers through company-owned and franchised retail sites, as well as other channels, including dealer wholesalers and jobbers. The company also supplies commercial customers within the transport and industrial sectors. Strategy: The company’s strategy focuses on improving returns, growing operating cash flow, and building a quality Downstream business that aims to lead the industry as measured by net income per refining barrel. Rosneft segment The company holds a position in Russia through its 19.75% share in Rosneft. Upstream: Rosneft operates as an oil company in Russia and worldwide. Rosneft has a resource base of hydrocarbons onshore and offshore, with assets in all hydrocarbon regions of Russia: western Siberia, eastern Siberia, Timan-Pechora, Volga-Urals, north Caucasus, the continental shelf of the Arctic Sea, and the Far East. Rosneft participates in international exploration projects or has operations in countries, including the U.S, Canada, Vietnam, Venezuela, Brazil, Algeria, the United Arab Emirates, Turkmenistan and Norway. Downstream: Rosneft owns and operates 10 refineries in Russia and also has an interest in 4 refineries in Germany through its Ruhr Oel GmbH partnership with the company. As of December 31, 2014, Rosneft owned and operated approximately 2,500 retail service stations. Its downstream operations also include jet fuel, bunkering, bitumen and lubricants. Significant Events In May 2015, BP and Sinopec Fuel Oil announced the formation of a 50:50 marine fuels bunkering joint-venture, BP Sinopec Marine Fuels Pte Ltd. In June 2015, Rosneft and BP signed several agreements strengthening the long term strategic relationship between the two companies, at the St. Petersburg International Economic Forum. In September 2015, Magma Global announced the signing of a joint development agreement with BP and Subsea 7 in a project to qualify Magma's carbon fibre m-pipe as the next generation of subsea pipelines. In December 2015, Woodside Petroleum and its joint venture partners have given the go-ahead to a $2 billion investment in the North West Shelf Project off Western Australia. The joint venture partners, BHP Billiton, Shell, BP, Chevron, and Japan Australia LNG, a joint venture between Mitsui and Mitsubishi, expect the new project to start-up in the second half of 2019. In January 2016, Rosneft and BP announced that they have signed a binding agreement to dissolve the existing refining JV Ruhr Oel GmbH (ROG) as they move toward completion of the previously announced restructuring of the two companies' German refining and petrochemical venture. History BP p.l.c. was founded in 1889.
bp plc (BP/:London)
1 St James's Square
London, SW1Y 4PD
Phone: 44 20 7496 4000
Fax: 44 20 7496 4630www.bp.com
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