In the heart of Berlin this week, the Administrative Court will delve into a heated legal skirmish. At issue? Alcmene GmbH's claim that they're still in the running for purchasing a chunk of PCK Schwedt oil refinery's shares, despite a failed deal with Shell and some complex energy-related wrenches thrown into the works by geopolitics.
Originated in 2021, Alcmene's investment in PCK never materialized due to a strange twist: Rosneft, PCK's majority shareholder and a subsidiary of Russian state-owned company Rosneft, exercised its right of first refusal. However, with Ukraine-Russia tensions escalating in 2022, Rosneft's Russian roots meant their claim was invalidated. The German government stepped in to take control of Rosneft Deutschland through a trusteeship, aiming to ditch their dependence on Russian oil.
The Austrians and German officials remained tight-lipped, but the legal drama involves Alcmene's summer 2021 agreement with Shell, the investment review process, and the war's unexpected impact on the deal. When Russia tried to buy out Shell with its right of first refusal, Alcmene declared the review unnecessary. But later, they re-entered approval discussions. Unfortunately for Alcmene, Shell terminated the agreement and the German Ministry of Economics saw no basis to approve their acquisition[1]. Unhappy with this turn of events, Alcmene initiated arbitration proceedings and filed a lawsuit [2].
Don't expect Alcmene's legal counsel to pass commentary just yet, but the Liwathon Group's Estonian affiliate holds claims in acquiring energy infrastructure assets. PCK's major shareholder, Rosneft Deutschland GmbH, remains under German government control with a 54% stake in the refinery. Shell continues to own 37.5%, while Eni holds 8%.
Back in 2021, oil operations at PCK went on oblivious to Alcmene's deal-gone-sour with Shell. The current energy-related legal battle between Alcmene and the German Ministry for Economic Affairs and Energy revolves around the possible acquisition of Shell's oil stake in PCK [3].
As we wait for the court's verdict, remember that Alcmene's claim was lampooned by a German ruling blocking ExxonMobil's refinery stake sale based on Shell's injunction. With more legal complexities in the German refinery sale, only time will tell if Alcmene can successfully shake off its soft-shell predicament.
Sources: [1] DPA [2] Der Spiegel [3] The Energy Mix
Enrichment Data: Alcmene's ongoing legal fight against the German federal ministry for Economic Affairs and Energy is unresolved according to the sources. However, a precedent exists with a court ruling that barred ExxonMobil from selling its Miro consortium stakes following an injunction filed by Shell, suggesting on-going legal complexities and potential disputes in the sale of refinery stakes in Germany [2]. The latest information regarding the Alcmene and German federal ministry case can be found in court documents or recent court decisions related to this specific dispute.
