Shell Deutschland (Shell) has agreed to sell its non-operating shares (37.5%) in the Germany PCK Schwedt Refinery to Alcmene GmbH, according to a statement.

The related agreement is expected to be finalized in H2 of 2021.

Shell said that the sale aligns with its plans to reduce its global refinery footprint to core sites integrated with the company’s trading hubs, chemicals plants, and marketing businesses.

Shell affirmed that Germany continues to be a major country in Shell’s strategy to achieve net-zero emissions, purposefully and profitably, adding that the sale has no effect on Shell’s interests or activities in the country.

“This is yet another milestone in our journey towards a reduced refining portfolio. This sale supports the shift of Shell’s refining portfolio which includes the development of the high-value Energy and Chemicals Park Rheinland,” said Shell’s Executive Vice President for Manufacturing, Robin Mooldijk.

Rosneft owns 54.17% of the PCK refinery shares and Eni has 8.33% of shares.