After careful consideration, the Prax Group (Prax) and Shell Deutschland GmbH (Shell) have announced that further to the signing of a Sales and Purchase Agreement (SPA) last December for Prax to acquire a 37.5% interest in PCK Schwedt Refinery (PCK) and its associated logistic assets from Shell, both parties have taken the decision not to proceed with the transaction.

Located in the Berlin-Brandenburg region north of Berlin, PCK shall continue to operate as normal.

About The Prax Group

Headquartered in the UK, the Prax Group is a British multi-national, independent global energy conglomerate dealing in petroleum products and bio-fuels. The Prax Group has a complete integration across the whole oil value chain, from upstream to midstream and downstream, with offices in London, Houston and Singapore. The Group strives to limit its carbon footprint and to embrace the advent of transitional fuels.

About Shell plc

Shell plc is incorporated in England and Wales, has its headquarters in London and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.