Shell Agrees to Sell German Refinery Stake to Prax Group (2)

Shell Plc agreed to sell its stake in the Schwedt refinery, a plant that supplies much of eastern Germany with fuel and has been caught up in Europe’s standoff with Moscow over the war in Ukraine.

Shareholdings in the refinery were left in limbo when Germany seized it from Russian majority owner Rosneft PJSC after the invasion and sanctions threatened its main supply source.

Shell has been trying to sell its Schwedt stake for years, part of a plan to reduce its global refining portfolio to core sites such as Rheinland in Germany. The sale of its 37.5% holding to ...