Shell Agrees to Sell Its Stake in the German Refinery to Prax Group - Stake in Schwedt Refinery.

Shell Agrees to Sell Its Stake in the German Refinery to Prax Group – Stake in Schwedt Refinery.

Written by Paulo Nogueira

Published on 15/12/2023 at 17:05

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Shell Sells Stake in Schwedt Refinery to Rosneft.

Shell Plc announced the sale of its stake in the Schwedt refinery, a plant that supplies a large part of eastern Germany with fuel. Shell’s stake in the refinery was left in limbo when Germany seized it from the majority owner, Russian Rosneft PJSC, after the invasion and sanctions threatened its supply source. The sale of its 37.5% stake to the Prax Group is expected to be completed in the first half of 2024, subject to regulatory approvals. The financial terms were not disclosed.

The Schwedt refinery was forced to cut production earlier this year when it lost supplies of Russian Urals crude. It now secures oil supplies from Kazakhstan through this network, adding to deliveries from the ports of Gdansk, Poland, and Rostock, northern Germany. Shell was in talks to sell its stake to Varo Energy as early as 2016. A company named Alcmene GmbH signed an agreement to purchase Shell’s stake over two years ago, but Rosneft also wanted the stake and exercised its right of first refusal, setting the stage for a prolonged dispute.

Stake of Rosneft in the Schwedt Refinery, Germany

ARTICLE CONTINUES BELOW

Rosneft Acquires Additional Stake in Schwedt Refinery

Rosneft, the largest oil producer in Russia, has increased its stake in the Schwedt refinery, located in Germany, by acquiring additional shares in the company. Rosneft’s stake in the refinery is now 66.7%, demonstrating its commitment to expanding its presence in the European oil refining market. This action by Rosneft strengthens its position as one of the key players in the energy industry in Europe.

Acquisition of Stake in Schwedt Refinery Strengthens Rosneft’s Presence in Europe

With the recent acquisition of a stake in the German refinery, Rosneft solidifies its presence in the European refining sector, expanding its capacity to meet the demand for petroleum products in the region. Rosneft’s additional stake in the Schwedt refinery also demonstrates its commitment to the geographic and strategic diversification of its operations.

Increase in Stake in Schwedt Refinery Drives Rosneft’s Operations in Europe

Rosneft, acting strategically, has increased its stake in the Schwedt refinery, one of the largest and most modern refineries in Europe, located in Germany. This move confirms Rosneft’s commitment to strengthening its presence in the European market and expanding its oil refining operations in the region.

Acquisition of Stake in Schwedt Refinery Highlights Rosneft’s Growth in Europe

Rosneft’s additional stake in the German refinery reinforces its role as one of the leading suppliers of petroleum products in Europe. Furthermore, this action highlights Rosneft’s strategic expansion in the European market and reinforces its leadership as one of the largest energy companies in the world.

Therefore, the acquisition of an additional stake in the Schwedt refinery represents another important step for Rosneft to consolidate its position as one of the global leaders in the energy industry. The company demonstrates once again its commitment to strengthening its presence in Europe and meeting the demands of the regional market.

Source: World Oil

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Shell Agrees to Sell Its Stake in the German Refinery to Prax Group – Stake in Schwedt Refinery.

Shell Sells Stake in Schwedt Refinery to Rosneft.

Rosneft Acquires Additional Stake in Schwedt Refinery

Acquisition of Stake in Schwedt Refinery Strengthens Rosneft’s Presence in Europe

Increase in Stake in Schwedt Refinery Drives Rosneft’s Operations in Europe

Acquisition of Stake in Schwedt Refinery Highlights Rosneft’s Growth in Europe

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Shell Agrees to Sell Its Stake in the German Refinery to Prax Group – Stake in Schwedt Refinery.

Shell Sells Stake in Schwedt Refinery to Rosneft.

Rosneft Acquires Additional Stake in Schwedt Refinery

Acquisition of Stake in Schwedt Refinery Strengthens Rosneft’s Presence in Europe

Increase in Stake in Schwedt Refinery Drives Rosneft’s Operations in Europe

Acquisition of Stake in Schwedt Refinery Highlights Rosneft’s Growth in Europe

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