Shell completes sale its Showa Shell shares Idemitsu

Shell completes sale of its Showa Shell shares to Idemitsu

7:21 AM, 22nd December 2016
Shell logo

THE HAGUE, NETHERLANDS: Shell has completed the sale of a 31.2 percent shareholding in Showa Shell Sekiyu K K to Idemitsu Kosan Co Ltd for a total amount of $1.4 billion. Completion follows anti-trust approval from the Japan Fair Trade Commission.

Showa Shell Sekiyu K K is a company formed by the merger of Showa Oil Co Ltd and Shell Sekiyu K K

The sale supports Shell’s strategic commitment to focus downstream activity on areas where it can be most competitive.

Shell’s upstream, integrated gas, chemicals and trading businesses are not impacted by the sale.  Japan remains an important LNG market for Shell.

“Shell has enjoyed a long and valuable partnership with Showa Shell since the year 1900. I would like to thank CEO Tsuyoshi Kameoka, the management and the board of directors for their leadership and support, as well as those leaders who have preceded them over the last century. I wish the company success and look forward to seeing the commercial linkages and a new relationship between our two companies over the coming years,” said John Abbott, Shell downstream director.

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