Shell is reviving the sale of its interest in the controversial oil refinery PCK Schwedt Berlin
Shell has revived the sale of its interest in a controversial Berlin oil refinery.
The PCK Schwedt refinery is Germany’s fourth largest and supplies 90 percent of Berlin’s fuel.
The German government took over control of the refinery from Russian state oil giant Rosneft last year. Shell had originally put its 37.5 percent stake up for sale in 2021.
Left Russia: The German government took control of the PCK Schwedt refinery from Russian state oil giant Rosneft last year. Shell originally put its 37.5% stake up for sale in 2021
But the process was complicated by uncertainty about the future of the refinery following the Russian invasion of Ukraine last February.
The relaunch of the sale was made possible after the German government placed Rosneft’s German unit under guardianship last September as part of a wave of European sanctions against Russia following the invasion of Moscow.
That included Rosneft’s 54.17 percent of the Schwedt Refinery.
Shell allegedly shared information about the refinery’s operations, costs and revenues with potential buyers.
The refinery has been operating at a reduced rate in recent months as it struggled to replace crude supplies brought in from Russia via the Druzhba pipeline, which were halted as part of EU sanctions.