The Prax Group to acquire a 37.5% stake in the Schwedt refinery from Shell.

The Prax Group, an independent global energy conglomerate, agreed to acquire a 37.5% stake in the Schwedt refinery from Shell, a British multinational oil and gas company headquartered in London. Financial terms were not disclosed. The transaction aligns strategically with the Prax Group’s recently completed acquisition of the OIL! Tankstellen petrol retail network, substantially enhancing the Group’s customer offering on continental Europe. This will in turn see the Prax Group become a significant presence in the German market and a major player in the European refining sector.