Shell has reached an agreement with Alcmene GmbH (part of the Liwathon Group) for the sale of its non-operated 37.5% shareholding in the Germany PCK Schwedt Refinery.
The divestment is part of Shell’s strategy to reduce its global refinery footprint to core sites integrated with the company’s trading hubs, chemicals plants and marketing businesses.
“This is yet another milestone in our journey towards a reduced refining portfolio,” said Robin Mooldijk, Shell’s EVP for Manufacturing. “This sale supports the shift of Shell’s refining portfolio which includes the development of the high-value Energy & Chemicals Park Rheinland.”
Germany remains a key country to realise Shell’s powering progress strategy goal of achieving net-zero emissions, purposefully and profitably. This sale does not impact any of Shell’s other interests or activities in the country.
The transaction is expected to close in the second half of 2021, subject to partner rights and regulatory approval.