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Alcmene withdraws ExxonMobil Miro shares offer

  • Market: Crude oil, Oil products
  • 05/05/25

Austrian company Alcmene has withdrawn from its plans to buy ExxonMobil's share in German refining joint venture Miro.

Alcmene told ExxonMobil of the withdrawal on 29 April, putting an end to a drawn-out sales process.

ExxonMobil agreed in October 2023 to sell its 25pc stake in Miro, which operates the 310,000 b/d Karlsruhe refinery in Germany.

The sale was initially put on hold by a court order following a petition by fellow shareholder Shell in April 2024.

The court in Karlsruhe dismissed ExxonMobil's appeal in the final instance in July, prohibiting the company from selling its stakes without prior agreement by Shell.

Shell holds 32.25pc in the venture, Russian state-controlled Rosneft has 24pc and US firm Phillips 66 has 18.75pc. Rosneft's German business has been under state trusteeship since September 2022. Rosneft plans to sell all of its German assets.


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