Shell Reopens Sale Talks for Rosneft-Linked German Refinery
Shell has relaunched efforts to divest its 37.5% minority stake in Germany’s Schwedt refinery, where Rosneft now holds the controlling stake. Reuters, citing multiple sources, reported on Tuesday that Shell has opened a data room this month and is seeking bids for its stake by the end of January.
Schwedt ranks as Germany’s fourth-largest refinery. It historically processed Russian crude, but Germany has since halted Russian oil imports. Today, the refinery feeds about 90% of Berlin’s fuel needs and operates using non-Russian crude, either delivered from Kazakhstan through a pipeline or shipped via Gdańsk, Poland.
Shell’s 37.5% stake sits alongside Rosneft’s majority 54.17% share. Rosneft’s holding has been under German trusteeship since Berlin seized Rosneft’s German units, along with Gazprom, in the wake of Russia’s 2022 invasion of Ukraine.
This move marks Shell’s renewed push to exit what it views as a complicated liability—co-ownership of an asset controlled by Rosneft under German oversight.
Last year, Shell and UK-based Prax Group briefly contemplated a sale to Prax, but their agreement was called off in December 2024 after mutual reconsideration.
In October, Schwedt received a U.S. general license exemption that permits limited operations by Rosneft’s German subsidiaries. The waiver covers Rosneft Deutschland and RN Refining & Marketing, both held under German trusteeship since 2022, and authorizes necessary maintenance, payments, and service activities to keep the facilities running under non-Russian management.
Author: Charles Kennedy for Oilprice.com
