Why did Shell end its talks with Unimot over the Schwedt refinery stake?

Shell ended years-long talks with Poland’s Unimot SA over selling its 37.5% stake in Germany’s Russia-linked Schwedt refinery (PCK Raffinerie GmbH) because the refinery has remained in ownership limbo since energy ties between Moscow and Berlin collapsed in 2022, and Shell has made multiple failed attempts to exit this crisis-ridden asset.

What is the current operational status of the Schwedt refinery and how is it being sustained?

The Schwedt refinery’s utilization has stabilized at around 80% thanks to crude oil imported from South America via the Polish port of Gdansk—after Russia suspended Kazakh crude transit via the Druzhba pipeline in May—while Unimot both supplies crude to and buys refined products from the refinery for Western Poland.

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Shell Ends Talks with Unimot Over Russia-Linked Schwedt Refinery Stake

Aug 27, 2026

Shell Plc has terminated negotiations with Poland’s Unimot SA regarding its stake in the Russia-linked Schwedt refinery, leaving the asset in ownership limbo following severed energy ties between Moscow and Berlin.

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