Finance
Prax and Shell call off deal on stake in PCK Schwedt oil refinery
Published by Global Banking & Finance Review®
Posted on December 20, 2024
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on December 20, 2024
1 min readLast updated: January 27, 2026
Shell and Prax have decided not to proceed with the sale of Shell's 37.5% stake in the PCK Schwedt oil refinery in Germany, citing delays and legal challenges.
LONDON (Reuters) - Prax and Shell have decided not to proceed with the sale of Shell's share in the PCK Schwedt oil refinery in Germany to Prax, they said on Friday.
Shell agreed to sell its 37.5% stake in the refinery to Prax last December.
The deal faced delays because of lawsuits brought by third parties. The German government's stripping of Russian oil giant Rosneft's control, but not shares, in the refinery also complicated matters, following the severing of energy ties between Berlin and Moscow in 2022.
"Both parties have taken the decision not to proceed with the transaction," the companies both said in separate statements.
(Reporting by Robert Harvey; Editing by Susan Fenton)
The main topic is the cancellation of the sale of Shell's stake in the PCK Schwedt oil refinery to Prax.
The deal was canceled due to delays from lawsuits and complications from the German government's actions.
Rosneft's control in the refinery was stripped by the German government, complicating the sale.
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