Exxon German refinery sale in limbo after court ruling

ExxonMobil's plan to sell its share in German refining joint venture Miro has been delayed by a court order following a petition by fellow Miro shareholder Shell.

ExxonMobil agreed to sell its 25pc stake in Miro, operator of the 310,000 b/d Karlsruhe refinery, to Vienna-based Alcmene in October last year. The two sides were aiming to close the deal in the first quarter of this year, but in a letter seen by Argus last month, ExxonMobil said completion had been pushed back to the summer because some of the administrative procedures had yet to be finalised.

Argus has since learned that a regional court in Karlsruhe issued an interim order against the sale on 18 January at Shell's request. Shell originally petitioned a court in Hamburg on 20 November, but the case was later moved to Karlsruhe, according to a court spokesperson.

The judgement prohibits ExxonMobil from splitting off or transferring its Miro shares. The firm has already appealed against the judgement to a higher court in the region. A decision is pending.

Exonmobil's partners in Miro are Shell with a 32.25pc stake, Russia's Rosneft with 24pc and US firm Phillips 66 with 18.75pc. Rosneft's German refinery assets have been under state trusteeship since September 2022.

By Natalie Mueller