Polish group Unimot interested in shares in Germany's Schwedt refinery

Polish energy group Unimot has expressed interest in acquiring shares of British conglomerate Shell in the German PCK Schwedt refinery. Information about the ongoing talks was conveyed to the Ueckermarck district council by the district administrator of the region, Karina Doerk. According to a report cited by the newspaper "Berliner Zeitung," the Polish investor wants to purchase a package constituting 37.5 percent of shares in the enterprise. The PCK Schwedt refinery is located in Brandenburg and plays a key role in fuel supply, especially for the Berlin region and eastern Germany. The majority shareholder of the facility remains the Russian oil conglomerate Rosneft, which controls 54.17 percent of the shares. The remaining shares are held by the Italian company Eni. German authorities have been exercising trusteeship over Rosneft's shares since 2022, a direct consequence of sanctions imposed on Russia. A potential transaction with the Polish investor would require approval from the German federal government, which treats the refinery as a facility of strategic importance for the country's energy security. The PCK refinery in Schwedt was launched in 1960 in the former German Democratic Republic. After German reunification, it was privatized, and in 2011, Rosneft acquired a majority stake in it. Prior to the Russian invasion of Ukraine in 2022, the refinery primarily processed Russian oil delivered via the Druzhba pipeline. District Administrator Karina Doerk confirmed in her report that talks are ongoing with potential investors from Poland. However, she did not specify the details of the negotiations or provide a timeline for a potential transaction. Representatives of Unimot have not publicly commented on the media reports. Previously, German media speculated about the possible involvement of other investors, including the Czech conglomerate Unipetrol. The decision by British Shell to withdraw from Rosneft and sell its shares in the Schwedt refinery was made in 2022, after the start of the full-scale war. Since then, Shell has been seeking a buyer for its package. prawda: Information about the Polish group Unimot's interest in shares in the refinery has been confirmed by three independent media sources and by the official report of the Ueckermarck district administrator. (Berliner Zeitung, TVP Info, Deutsche Welle)A potential takeover by a Polish entity would attract attention both in Berlin and Warsaw. For Germany, maintaining fuel supply stability is crucial, while for Poland, it represents an opportunity to strengthen its position in the energy market in Central Europe. Unimot, as a company listed on the Warsaw Stock Exchange, has been expanding its operations into international markets in recent years. The transaction would require conducting detailed due diligence and obtaining regulatory approvals. Authorities in Brandenburg emphasize that securing jobs at the refinery, which employs about 1,200 people, is a priority. The ownership situation of the facility remains complicated due to sanctions against Rosneft. Germany introduced trusteeship over Russian shares to prevent Moscow from profiting, but also to maintain the operation of the strategic plant. In the past, the acquisition of shares by a German state investor was also considered, but such a transaction ultimately did not materialize. Ownership structure of the PCK Schwedt refinery: Rosneft shares: Operational control → German trusteeship (54.17%); Shell shares: 37.5% → For sale (potential buyer: Unimot); Eni shares: 8.33% → Unchanged (8.33%) The oil industry in Europe is undergoing significant changes after Russia's invasion of Ukraine. Many Western conglomerates have withdrawn from Russian assets, and European Union countries are diversifying oil supply sources. Since 2022, the Schwedt refinery has switched to processing oil delivered via the port of Rostock and pipelines from Poland. A possible acquisition of shares by a Polish company fits this trend and could strengthen energy cooperation between Poland and Germany. Shell's decision to sell stems from the conglomerate's commitment to withdraw from business with Russia. The British company announced this decision already in 2022, but the process of finding a buyer has been ongoing. The final terms of the transaction and its value have not yet been disclosed. Unimot would have the opportunity to join the shareholders of a strategic facility in Germany, which would be a significant step in the international expansion of the group.