Daily Newsletter

27 September 2023

Daily Newsletter

27 September 2023

Unimot in talks to buy Shell’s stake in Schwedt oil refinery

Russian oil major Rosneft owns a 54.17% stake in the refinery.

Shivam Mishra September 26 2023

Polish company Unimot is in talks to buy Shell’s 37.5% stake in German oil refinery Schwedt, as reported by Reuters.

Rosneft, a Russian oil major, owns a 54.17% stake in the refinery.

Following Moscow’s decision to invade Ukraine, Berlin cut ties with Moscow and put Rosneft’s assets in Germany under a trusteeship.

While the trusteeship gives control of the assets to the German Government, technically, ownership is still with Rosneft.

Besides Rosneft and Shell, Italian oil and gas company Eni owns an 8% stake in the Schwedt plant, which is reputed to be Germany's fourth-largest refinery, supplying 90% of Berlin's fuel.

Earlier this month, Germany extended its trusteeship over the local assets of Rosneft after talks with the Russian group failed.

Authorities in Germany want to find a reliable buyer for Rosneft's share in the refinery.

"Unimot is one of the possible buyers of the Shell share, but not the only one," a government source was quoted by the news agency as saying.

Last year, Unimot stated that it was growing its international business as it attempted to import diesel into Germany in the wake of sanctions on Russian oil.

Shell, Unimot and the German Economy Ministry all declined to comment on the development and a request for comment was not immediately fulfilled by Rosneft Germany.

Earlier this year, reports emerged that Orlen, a Polish refiner, is also considering acquiring a stake in Schwedt.

According to the source, Germany is also no longer considering KazMunayGas and its subsidiary Kaztransoil of Kazakhstan as potential owners of the stake.

The Kazakh companies cannot guarantee the stability of the refinery, the source added.

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