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Publish Date: Wed, 18 Sep 2024, 11:40 AM
DUESSELDORF/BERLIN, Sept 18 (Reuters) - Russia's Rosneft (ROSN.MM) , opens new tab is unlikely to succeed with its complaint against Shell's (SHEL.L) , opens new tab planned sale of a stake in Germany's PCK Schwedt refinery, a German court said on Wednesday, citing a preliminary assessment.
Rosneft holds a 54.17% stake in the refinery, but was stripped of control by the German government in 2022 as a result of Russia's invasion of Ukraine and the subsequent severing of energy ties between Germany and Russia.
Shell has announced plans to sell its 37.5% stake in Schwedt to Britain's Prax Group but Rosneft has filed a complaint with the Higher Regional Court of Duesseldorf.
Rosneft argues that under an agreement among Schwedt's ownership consortium existing shareholders have a right of first refusal.
"We see little chance of success for the complaint," Anne Frister of the Duesseldorf court said.
Rosneft and Shell were not immediately available for comment.
Germany ended its longstanding and deep energy relationship with Russia in 2022, leaving it to find alternative supply and address assets held by Russian oil and gas firms in the country.
This includes Rosneft's stake in the Schwedt refinery, which covers most of Berlin's fuel demand.
The German government recently extended its trusteeship over Rosneft's stake in the hope a sale might materialise.
Italy's Eni (ENI.MI) , opens new tab holds a 8.33% stake in the refinery.
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https://www.reuters.com/markets/commodities/rosneft-challenge-shells-schwedt-stake-sale-unlikely-succeed-says-german-court-2024-09-18/