Shell aware of responsibility for German Schwedt refinery-German minister
Reuters
Published May 03, 2022 10:02
Updated May 03, 2022 10:16
FRANKFURT (Reuters) - Shell (LON:RDSa), a minority shareholder in the German PCK Schwedt refinery operated and majority-owned by Russia's Rosneft, will take on more responsibility for the site in case of supply disruptions, a local German minister said.
"An embargo or supply stop of Russian oil would pose major challenges to the PCK Schwedt refinery," Joerg Steinbach, Economy Minister of the German state of Brandenburg, where the site is located, told Frankfurter Allgemeine Zeitung.
"I therefore welcome the fact that Shell has declared that it is aware of its responsibility for the Schwedt site with its employees and the supply of the region in particular."
Russia's Rosneft holds 54.17% in the refinery, while Shell still owns 37.5% after Germany put under review a planned purchase of that stake by Rosneft. Italy's ENI (BIT:ENI) holds 8.33%.
Germany is preparing for a change of control at the refinery in Schwedt, which accounts for all of Germany's remaining Russian oil imports, Economy Minister Robert Habeck said last week.
Germany has set out plans to become independent of Russian oil, which would make a European Union oil embargo manageable for Europe's biggest economy.
"We have taken note of the statements of the Brandenburg Minister of Economics that Shell will support PCK in Schwedt even at the cost of economic losses in order to maintain supplies to the region," a spokesperson for Shell in Germany said in an e-mailed statement.
"It is a fact that intensive talks are currently being held between business representatives, the federal government and the state," it said, without providing further details.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.