Shell to sell Schwedt stake to UK’s Prax
Shell said on Friday it had agreed to sell its 37.5% stake in the PCK Schwedt oil refinery, which supplies most of Berlin’s fuel, to Britain’s Prax Group, attempting to draw a line under its co-ownership of an asset majority-owned by Russia’s Rosneft.
Shell restarted efforts to sell the stake earlier this year after the German government put the local units of Rosneft, which owns 54.17% of the refinery, under trusteeship in the wake of Russia’s invasion of Ukraine. Rosneft remains the legal owner of the stake, but was stripped of its ability to exert control.
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Shell said the planned sale of its stake was part of efforts to reduce its global network of refineries to core sites that are integrated with its trading hubs and chemicals activities. It expects the deal to close in the first half of 2024.
Published in The Express Tribune, December 16th, 2023.
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