Shell sells minority stake in PCK Schwedt JV Refinery

Shell Deutschland has reached an agreement with Alcmene GmbH for the sale of its non-operated 37.5% shareholding in the Germany PCK Schwedt Refinery, which is independently managed.

Alcmene GmbH, based in Vienna, Austria, is part of the Liwathon Group, a privately owned energy holding company. 

Located 120 kilometres Northeast of Berlin, the PCK refinery currently processes approximately 220,000 barrels of crude oil per day.

The other shareholders in the PCK Schwedt Refinery who have pre-emption rights in the joint venture are Rosneft (54.17%) and Eni (8.33%). The pre-emption rights may be exercised within a period of three months of notification, immediately post signing of the Sale and Purchase Agreement, and will lapse after this timeframe.

The divestment is part of Shell’s strategy to reduce its global refinery footprint to core sites integrated with the company’s trading hubs, chemicals plants and marketing businesses.

“This is yet another milestone in our journey towards a reduced refining portfolio,” said Robin Mooldijk, Shell’s EVP for Manufacturing. “This sale supports the shift of Shell’s refining portfolio which includes the development of the high-value Energy & Chemicals Park Rheinland.”

Germany remains a key country to realise Shell’s powering progress strategy goal of achieving net-zero emissions, purposefully and profitably. This sale does not impact any of Shell’s other interests or activities in the country.

The transaction is expected to close in the second half of 2021, subject to partner rights and regulatory approval.