The Russian company Rosneft has lost its court case against the planned sale of Shell’s share in the Schwedt oil refinery in Barnim. The Higher Regional Court in Düsseldorf rejected Rosneft’s objections on Wednesday, according to a court spokesperson.
Shell intends to sell its 37.5 percent stake in Schwedt to the British oil company Prax. Rosneft holds a majority stake in Schwedt, which is currently under the trusteeship of the German government. Despite this, the Russian oil company, which once supplied oil to Schwedt for processing, is asserting a right of first refusal for the Shell package.
Rosneft will now consider further legal action against the ruling and may appeal to the Federal Court of Justice, according to a lawyer. The case is complex for several reasons. The German government placed the 54.2 percent Rosneft stake in Schwedt under trusteeship due to the Russian attack on Ukraine. This trusteeship was recently extended until March 10, 2025. While the shares are managed by the state under trusteeship, they still legally belong to Rosneft.
The Federal Network Agency, which now represents the Federal Republic at the refinery, has reportedly approved the sale of the Shell stake to Prax.
Shell has been trying to divest its stake in the Schwedt refinery for years. In 2021, the British oil giant attempted to sell its package to the Austrian company Alcmene. Rosneft thwarted these plans citing its right of first refusal. However, in November 2023, the Berlin Administrative Court ruled that Alcmene should have been able to acquire the stake.
Shell has now announced the sale of the stake to Prax. Rosneft also plans to sell its stake in Schwedt. According to an insider, the company is in negotiations with Qatar, the largest shareholder in the energy company RWE.