October 6, 2017 / 11:47 AM / in 2 months

Shell, Varo end talks on Germany refinery stake sale

LONDON (Reuters) - Royal Dutch Shell and Varo Energy said they have ended talks on Varo’s potential purchase of Shell’s 37.5 percent stake in the 220,000 barrels per day PCK refinery in Schwedt, Germany.

FILE PHOTO - Shell's company logo is pictured at a gas station in Zurich April 8, 2015. REUTERS/Arnd Wiegmann/File Photo

The two companies said last December that they had entered advanced talks on the stake sale, but the negotiations have been “discontinued”, a spokeswoman for Varo told Reuters.

A Shell spokeswoman confirmed on Friday that negotiations on the refinery and its Arhem terminal in the Netherlands “have now concluded and an agreement has not been reached.”

Neither company would say why the talks had ended.

Varo Energy, a joint venture between the world’s biggest oil trader Vitol and private equity firm Carlyle Group, owns a refinery in Cressier in Switzerland and the Bayernoil refinery in Germany.

Reporting by Ron Bousso; editing by Jason Neely and Alexander Smith

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