LONDON (ShareCast) - (Sharecast News) - Shell said on Friday that it has agreed to sell its 37.5% stake in German oil refinery PCK Schwedt the UK's Prax Group for an undisclosed sum.
The deal is expected to close in the first half of next year.

Shell said the divestment is part of its intention to reduce its global refining portfolio to core sites integrated into its operational hubs.

Located in the Berlin-Brandenburg region, PCK is one of Germany's largest refineries and is a national strategic asset, responsible for supplying around 90% of Berlin's demand, and servicing the broader East German region.

In addition, the refinery plays an important role supplying oil products to Poland and and other neighbouring European countries, Prax said.

Prax chairman and chief executive Sanjeev Kumar Soosaipillai said: "The signing of this agreement marks another key milestone for the group as we look to diversify geographically and enhance our European market presence.

"This follow-on acquisition in Germany provides us with a solid platform in the heartland of Europe, from which to continue our expansion strategy, while reaffirming our ongoing commitment to building a solid and transformative supply chain to meet the needs of our customers."

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