12:33 PM EDT, 09/19/2024 (MT Newswires) -- Shell's (SHEL) planned divestment in the Schwedt refinery in Germany is held up by pending third-party lawsuits, Reuters reported Thursday, citing people familiar with the matter.

Shell expected to close the sale of its 37.5% stake in the refinery to Britain's Prax Group in H1, but the deal has not yet completed.

Under the agreement, parties have to extend or renegotiate the deal if the transaction is not closed by mid-September, the people reportedly said.

The transaction is delayed by pending lawsuits, including Schwedt majority owner Rosneft's attempt to prevent the sale to Prax, one source told Reuters.

Neither Shell nor Prax immediately responded to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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