Shell Plans to Sell its German Refinery Stake to Unimot

SEATTLE (Oil Monster): Shell plc is reportedly in talks with Poland-headquartered Unimot towards sale of its stake in PCK Schwedt refinery in Germany. It must be noted that Shell currently holds 37.5% stake in the refinery project. The sale is in line with Shell’s plans to divest a few of its European downstream businesses in order to focus on upstream businesses and renewable energy.

Last year, following the Russian invasion of Ukraine, the German government had put under trusteeship Russian Rosneft’s 54.17% stake in the refinery. Since then, it has been in search of a buyer for Shell’s stake.

Meantime, Unimot, with a rich history of operating refineries, is seen as a credible buyer of Shell’s stake. The Polish oil and gas firm has been expanding its presence in international market over the past few years. Through potential acquisition of the stake, Unimot eyes to ensure a significant presence in the German market, thus transforming itself into a key player in the European refining sector.

The negotiations are still in early stages and there is no guarantee whatsoever that a deal will be reached between the two companies. The deal, if signed, would secure the future of the refinery and its hundreds of employees.

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