Shell to sell stake in Germany's Schwedt refinery

Quantum Commodity Intelligence - Shell is to sell its 37.5% stake in Germany's Schwedt refinery as the energy major seeks to reduce its refining portfolio and focus its business in key areas.

The sale, to Vienna-based Alcmene, is expected to close in the second half of the year, the company said in a statement Thursday.

"This sale supports the shift of Shell's refining portfolio which includes the development of the high-value Energy & Chemicals Park Rheinland," said Robin Mooldijk, Shell's executive vice-president for Manufacturing

The divestment is part of Shell's strategy to reduce its global refinery footprint to core sites integrated with the company's trading hubs, chemicals plants and marketing businesses.

Alcmene is owned by the Liwathopn Group - an Estonian-based holding company.