Shell to sell Schwedt refinery stake to UK’s Prax Group

• Deal expected to close in H1 2024
• Eni, Rosneft have pre-emptive rights
• Prax says deal expands European presence

FRANKFURT/BERLIN, Dec 15 (Reuters) – Shell said on Friday it had agreed to sell its 37.5% stake in the PCK Schwedt oil refinery, which supplies most of Berlin’s fuel, to Britain’s Prax Group, attempting to draw a line under its co-ownership of an asset majority-owned by Russia’s Rosneft.

Shell (SHEL.L) restarted efforts to sell the stake earlier this year after the German government put the local units of Rosneft (ROSN.MM), which owns 54.17% of the refinery, under trusteeship in the wake of Russia’s invasion of Ukraine.