by Riham Alkousaa
BERLIN (Reuters) – A German court on Wednesday rejected a lawsuit filed by Russian oil group Rosneft seeking to prevent Shell from selling its stake in Germany’s Schwedt refinery, a court spokesman said.
In its complaint filed with the Dusseldorf Regional High Court, Rosneft objected to Shell’s decision to sell its 37.5 percent stake in the refinery, which is majority owned by the Russian group, to Prax Group.
Rosneft argued that shareholders had the right of pre-emption under the agreement concluded by the consortium of Schwedt owners, and that the arrival of Prax among the shareholders could undermine the sale of its own stake in the future .
The court concluded that Rosneft’s complaint had no legal basis, adding that, according to the consortium’s agreement, the company was obliged to agree to the sale as long as Shell allowed other shareholders to use their right to pre-emption, a right which Rosneft waived in writing.
The court also said that Rosneft’s opinion of the buyer’s suitability has no bearing on its obligation to approve the sale.
Bertrand Malmendier, Rosneft’s lawyer in Germany, said he believes the ruling is wrong, adding that Rosneft intends to consider all possible legal options, including an appeal to the Federal Court of Justice, which the court allowed.
Bertrand Malmendier indicated that the agreement with Prax could crumble for other reasons, recalling that there was no sign that the transaction was about to be finalized while the contractual deadlines had already been exceeded.
Shell and Prax were not immediately available for a request for comment.
Rosneft owns a 54.17% stake in the Schwedt refinery, but was placed under supervision by the German government in 2022 after the invasion of Ukraine and the severing of energy ties between Germany and Russia .
Rosneft’s future in Germany is uncertain, but the country has said the company is considering selling its holdings.
A source close to the matter said the company was in negotiations with Qatar, which often invests in Germany and is the main shareholder of RWE, the country’s largest electricity producer.
(Written by Riham Alkousaa with contributions from Robert Harvey; Pauline Foret, edited by Augustin Turpin)
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