British oil and gas company Prax Group continues to work on a deal to acquire Shell Plc's minority stake in an oil refinery in East Germany. This is reported in the Prax press release.
In December 2023, Shell came to an agreement to sell 37.5% of shares in the German refinery PCK Schwedt to the British company Prax Group in order to exit the company, which is majority owned by the Russian company Rosneft.
The deal was planned for the first half of 2024, but has not yet been completed due to lawsuits, including from the Russian oil and gas company Rosneft after the German government transferred control to the local energy regulator BNetzA.
Rosneft remains the owner of 54.3% in PCK Schwedt and, from its point of view, has the pre-emptive right to buy out Shell's stake.
Italian Eni SpA also announced its intention to sell PCK Schwedt shares, and Qatar's sovereign wealth fund has put up an application to acquire Rosneft's stake in Germany.
Prax Group is a British multinational conglomerate for the processing, storage, distribution and sale of crude oil, petroleum products and biofuels. The company specializes in processing, logistics, integrated supplies and optimization. The headquarters is located in London (United Kingdom).
Shell is a British oil and gas company headquartered in London (UK).
Rosneft is a Russian oil and gas company engaged in the exploration, production, production, processing, transportation and sale of oil, natural gas and petroleum products.
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