Miro stake left on Shell’s European refining to-do list
The major has sold two assets and will futureproof two others, meaning only its share in the German JV remains for divestment
“For refining, it is about repurposing for the energy parks of the future,” says Ben van Beurden, CEO of Shell. The firm wants to concentrate on just five core energy and chemicals parks by the end of the decade and will already have reduced its portfolio to eight once two agreed sales are completed. In Europe, that leaves just its share in the 310,000bl/d Miro refinery in Karlsruhe, southwest Germany, on the block. Shell agreed to sell its 37.5pc stake in the Schwedt refinery, also in Germany, to the Austrian oil trading arm of Baltic Sea tank storage firm Liwathon in July last year, only for Russia’s Rosneft to pre-empt the sale and increase its stake in Schwedt from less than 55pc to more
Also in this section
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy