Finance
Klesch Group Has Looked at Pck Schwedt, but Asset Is 'complicated', Chairman Says
Published by Global Banking & Finance Review®
Posted on March 19, 2026
2 min readLast updated: March 19, 2026
Quick Summary
Klesch Group has reviewed a potential acquisition of the PCK Schwedt refinery but deemed the legal and ownership landscape too complex, given minority stakes held by Shell and Eni, government trusteeship, and geopolitical risks tied to Russia–Ukraine peace negotiations.
Klesch Group Examines PCK Schwedt Refinery Acquisition, Faces Legal Hurdles
Overview of the PCK Schwedt Refinery Situation
By Shadia Nasralla and Christoph Steitz
Background of the Refinery Ownership
LONDON/FRANKFURT, March 19 (Reuters) - Investment firm Klesch Group has looked at buying the Russian-owned PCK Schwedt refinery in Germany, its chairman said on Thursday, pouring cold water on any hopes for a deal as he added that the legal situation around the asset was complicated.
Schwedt is majority-owned by Rosneft but the refinery has been put under the control of the German government as a result of the Ukraine war and severed energy ties with Moscow.
Stakeholders and Ownership Structure
Co-owner Shell has been looking for a buyer for its 37.5% stake, efforts that have so far not resulted in a deal. Italy's ENI also owns a stake.
Klesch Group’s Perspective on the Acquisition
Interest in the Schwedt Refinery
"We have been looking at that (Schwedt) for some considerable period of time," A. Gary Klesch told Reuters in an interview following an agreement to buy BP's German oil refinery site in Gelsenkirchen.
Acquisition Conditions and Complications
"We would only buy control. And I'm well aware of the minority interests. We've been contacted on those," Klesch said. "It's a very complicated situation."
Legal and Geopolitical Risks
Klesch said that there was a risk hanging over Russian assets in the sense that they could become part of potential peace deals should the Ukraine war end, making their future uncertain.
(Reporting by Shadia Nasralla and Christoph Steitz; Editing by Kirsten Donovan)
Key Takeaways
- •Klesch Group considered the refinery but would only pursue majority control amid Shell’s 37.5% and Eni’s stake complicating the deal
- •Germany has had the majority Rosneft stake (circa 54%) under trusteeship since 2022 to secure energy supply amid the Ukraine war
- •Ownership remains uncertain due to legal constraints, potential peace‑deal impacts, and ongoing interest from buyers like Prax Group for Shell’s stake
Frequently Asked Questions about Klesch Group has looked at PCK Schwedt, but asset is 'complicated', chairman says
1Who currently controls the PCK Schwedt refinery?
The PCK Schwedt refinery is majority-owned by Rosneft but is under the control of the German government due to the Ukraine war.
2Did Klesch Group express interest in acquiring PCK Schwedt?
Klesch Group examined the potential acquisition of PCK Schwedt but found the asset's legal situation complicated.
3Why is the sale of the Schwedt refinery complicated?
The legal and ownership situation is complicated due to multiple minority stakeholders and the impact of the Ukraine war.
4What risks are associated with acquiring Russian-owned assets like Schwedt?
Russian assets face risks such as potential changes if the Ukraine war ends, which could affect their future ownership.
5Has Shell found a buyer for its stake in Schwedt?
Shell has been searching for a buyer for its 37.5% stake in the Schwedt refinery, but no deal has been reached.
