SHELL
Minority shareholding in PCK Schwedt refinery sold to Alcmene / Energy group refocusing on core refining sites
Estonia's Liwathon has taken over Shell's minority stake (Photo: PCK)
Shell Deutschland, subsidiary of Royal Dutch Shell (London / UK; www.shell.com) is selling its non-operated 37.5% shareholding in the east German PCK Schwedt refinery to Alcmene (Vienna / Austria; www.alcmene.com), part of the Estonian Liwathon Group (www.liwathon.co.uk), the largest independent oil products terminal operator in the Baltic Sea rim. The transaction is expected to close in the second half of 2021, subject to partner rights and regulatory approval. The refinery’s other shareholders – Russia’s Rosneft with 54.17% and Italy’s Eni with 8.33% – may exercise their pre-emption rights within three months after conclusion of the sale and purchase agreement.

The energy group said the divestment, which will not impact any of its other interests or activities in Germany or affect employees, is part of its strategy to concentrate its global refinery footprint at core sites integrated with its trading hubs, chemical plants, and marketing businesses. In October 2020, Shell said it planned to reduce its refinery portfolio to six sites from 14, by 2025. The sites set to remain will be at Deer Park, Texas, and Norco, Louisiana / USA, Pernis / the Netherlands, Pulau Bukom / Singapore, and Scotford / Canada, along with the Energy & Chemicals Park Rheinland in Germany. The group said, “Germany remains a key country to realise our powering progress strategy goal of achieving net-zero emissions, purposefully and profitably.”

The PCK refinery currently processes around 220,000 bbl/d of crude oil. As part of the sale agreement, the facility’s hydrocarbon inventory will be valued at closing, based on actual volumes and prevailing market prices. Assuming current market prices, historic inventory volumes and normal operating conditions, Shell said the current value of the hydrocarbon inventory should range from USD 150m to USD 250m (EUR 127m to EUR 211.7m).
14.07.2021 Plasteurope.com [248086-0]
Published on 14.07.2021
PCK Schwedt: Shell verkauft Raffinerie-Anteil an estnische LiwathonGerman version of this article...

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