(Bloomberg) -- Prax Group is still working toward buying Shell Plc’s minority stake in an oil refinery in east Germany.
The sale of Shell’s stake in the Schwedt refinery, announced almost a year ago, was originally expected to take place in the first half of 2024. Italy’s Eni SpA is also looking to sell its holding in the plant near the Polish border, people familiar with the matter said earlier this year.
“The Prax Group can confirm that the PCK Schwedt transaction/deal is still in progress,” it said in an emailed response to questions. Prax will, however, “not be making any further comment until the transaction has been finalized and all regulatory processes have been completed.”
Shell declined to give an update on the deal.
The shareholder structure of the Schwedt refinery is complicated by the involvement of Russia’s Rosneft PJSC, its stake having been seized by the German government after the start of the Ukraine war. Qatar’s sovereign wealth fund is bidding for Rosneft’s businesses in Germany, other people familiar with the matter have said.
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