FRANKFURT, July 8 (Reuters) - Shell said on Thursday it expects to sell its 37.5% share in eastern German refinery PCK Schwedt in the second half of 2021, pending approval by cartel authorities and its partners, Russia's Rosneft and Italy's ENI .
The buyer is Vienna-based Alcmene GmbH, part of the Liwathon Group, an integrated logistics and investment business headquartered in Estonia, Shell said.
The disposal is part of Shell's strategy to reduce its global refinery portfolio to those core locations that could be integrated into future centres of Shell's operations, as it strives to reduce fossil-fuels related activities and reach carbon neutrality by 2050 at the latest.
"This sale supports the shift of Shell's refining portfolio which includes the development of the high-value Energy & Chemicals Park Rheinland," said Robin Mooldijk, Executive Vice President for Manufacturing at Shell.
The transaction, to be executed by Shell Deutschland GmbH, would not have any impact on other interests of Shell in Germany, the statement said.
It would not have a significant effect on Shell employees as Schwedt was a non-operated venture.
Raw materials inventories will be valued at closing, based on actual volumes and prevailing market prices, said Shell, estimating a sum of between $150-250 million.
Rosneft holds 54.17% and ENI 8.33% in PCK (Petrolchemisches Kombinat) Schwedt, which lies some 120 kilometres (km) northeast of Berlin. It currently processes 220,000 barrels of oil a day, Shell said.
In February, sources familiar with the matter said Rosneft and Shell had not agreed on a new Urals oil supply contract for Schwedt via the Druzhba pipeline after a previous 100,000 tonnes-a-month deal had expired on Dec. 31, 2020.
Other supplies, to secure a 300,000 tonne-a-month operation, had been received from Sugutneftegaz via the pipeline and yet others via two sea ports on the Baltic Sea, traders said at the time.
精彩评论