LONDON – Prax and Shell (NYSE: SHEL) have decided not to proceed with the sale of Shell’s share in the PCK Schwedt oil refinery in Germany to Prax, they said on Friday.
Shell agreed to sell its 37.5% stake in the refinery to Prax last December.
The deal faced delays because of lawsuits brought by third parties. The German government’s stripping of Russian oil giant Rosneft’s control, but not shares, in the refinery also complicated matters, following the severing of energy ties between Berlin and Moscow in 2022.
“Both parties have taken the decision not to proceed with the transaction,” the companies both said in separate statements.
