Business

Shell to divest 37.5% stake in PCK Schwedt Refinery to Prax Group

Prax has signed a Sales and Purchase Agreement to acquire a 37.5% interest in PCK Schwedt Refinery and its associated logistic assets from Shell Deutschland GmbH.

Published

3 years ago

December 19, 2023

Admin

Shell to divest 37.5% stake in PCK Schwedt Refinery to Prax Group

The Prax Group on Friday (15 December) announced that it has signed a Sales and Purchase Agreement (SPA) to acquire a 37.5% interest in PCK Schwedt Refinery (PCK) and its associated logistic assets from Shell Deutschland GmbH.

The Prax Group is the parent company of UK-based bunkering firm Harvest Energy Marine.

PCK is jointly owned by Shell Deutschland GmbH (37.5%), Rosneft Deutschland GmbH (RDG) (37.5%) and AET (25%). AET is owned by ENI (1/3) and Rosneft Refining and Marketing GmbH (RNRM) (2/3). The transaction is subject to the necessary customary approvals and consents.

Located in the Berlin-Brandenburg region, PCK is one of Germany’s largest refineries (with a capacity of 245K bpd) and is a national strategic asset, responsible for supplying c.90% of Berlin’s demand, and servicing the broader East German region. In addition, the refinery plays an important role supplying oil products to Poland, and other neighbouring European countries.

The transaction aligns strategically with the Prax Group’s recently completed acquisition of the OIL! Tankstellen petrol retail network, substantially enhancing the Group’s customer offering on continental Europe. This will in turn see the Prax Group become a significant presence in the German market and a major player in the European refining sector.

The Group’s intention is that PCK will be key in supporting further European expansion, allowing Prax to better meet the needs of its customers across Europe, whilst continuing to ensure security of supply. The Group plans to support the activities of the refinery through the ongoing energy transition, and to provide further opportunities in the region.

The Prax Group has a proven track record of operating, optimising and improving strategically important assets across the oil value chain, from upstream to downstream. This acquisition will bring new investment to the refinery, to ensure the future of the asset and its employees, and underlines the Group’s determination to support the local economy and wider community.

Separately, the divestment of PCK is part of Shell’s intent to reduce its global refinery footprint to core sites integrated with the company’s trading hubs, chemicals plants and marketing businesses.

Sanjeev Kumar Soosaipillai, Chairman and CEO of the Prax Group, said: “The signing of this agreement marks another key milestone for the Group as we look to diversify geographically and enhance our European market presence.”

“This follow-on acquisition in Germany provides us with a solid platform in the heartland of Europe, from which to continue our expansion strategy, while reaffirming our ongoing commitment to building a solid and transformative supply chain to meet the needs of our customers.”

Photo credit: Prax
Published: 19 December, 2023

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Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

17 hours ago

July 21, 2026

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Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

17 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

LNG Bunkering

PIL’s LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on LNG and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

Published

17 hours ago

July 21, 2026

Admin

PIL's LNG dual-fuel boxship “Kota Elok” arrives in Singapore on maiden call

Singapore-based Pacific International Lines Pte Ltd on Monday (20 July) said its first 13,000 TEU LNG dual-fuel container vessel, Kota Elok, recently made her maiden call to Singapore on 15 July.

As the first of 13 new 13,000 TEU vessels joining its fleet, Kota Elok is equipped to operate on liquefied natural gas (LNG) and low-sulphur fuel oil that helps reduce our greenhouse gas emissions.

The vessel also incorporated energy-saving features and digital technologies to reduce fuel consumption and enhance operational performance, as well as a bow windshield to improve aerodynamics, contributing to improved fuel efficiency and lower emissions over the course of long-haul voyages.

“Following Singapore, Kota Elok will continue her voyage on our East Coast Service 1 (ES1) route to South America, calling at ports in Brazil, Uruguay, and Argentina before returning to Asia,” the company said in a social media post.

Kota Elok also became PIL’s first vessel to receive Lloyd’s Register certification for compliance with the IACS UR E26 and UR E27 cyber security requirements.

Developed by the International Association of Classification Societies (IACS), UR E26 and UR E27 are mandatory cyber resilience requirements for newbuild vessels contracted from 1 July 2024.

Photo credit: Pacific International Lines
Published: 21 July, 2026