Shell to sell 37.5% stake in Schwedt oil refinery to Prax, Reuters reports

Shell (SHEL) will sell its 37.5% stake in the PCK Schwedt oil refinery to PRax Group, Reuters’ Christoph Steitz and Riham Alkousaa report. Shell restarted efforts to sell the stake earlier this year after the German government put the local units of Rosneft (RNFTF), which owns 54.17% of the refinery, under trusteeship in the wake of Russia’s invasion of Ukraine. The deal is expected to close in 1H24, pending regulatory clearance and pre-emption rights by Rosneft and Eni (E), which owns 8.33% in PCK Schwedt.