Court Dismisses Rosneft's Complaint Against Shell's Stake Sale in German Refinery

A German court dismissed Rosneft's complaint against Shell's plan to sell its stake in Schwedt refinery. Rosneft, owning 54.17% but lacking control due to geopolitical tensions, argued its right of first refusal was violated. The court maintained Shell followed procedures, and Rosneft plans to appeal.

In a significant legal development, a German court has dismissed a complaint lodged by the Russian oil firm Rosneft. The complaint was against Shell's decision to sell its 37.5% stake in Germany's Schwedt refinery to Britain's Prax Group.

Rosneft contended that the sale violated an existing shareholder agreement that accorded them a right of first refusal. However, the court found the complaint to lack legal merit, insisting that Shell had adhered to the consortium's procedures, offering similar terms to existing stakeholders, which Rosneft declined.

Despite the ruling, Rosneft's lawyer, Bertrand Malmendier, expressed intent to pursue further legal options, including an appeal to Germany's Federal Court of Justice. The backdrop of these events involves Rosneft's diminished stake control post-Ukraine invasion tensions, alongside new potential negotiations with Qatar.

(With inputs from agencies.)