British firm Prax, Shell pull back from PCK refinery deal

Prax Group and Shell Deutschland GmbH have decided not to proceed with a deal involving the PCK Schwedt Refinery (PCK), one of Germany’s largest crude oil processing facilities.

Last December, the companies signed a Sales and Purchase Agreement for Prax to acquire a 37.5% interest in PCK and its associated logistic assets from Shell, both parties have taken the decision not to proceed with the transaction.

The companies said in a statement on Friday that the decision to withdraw from the transaction was reached after careful consideration.

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