Shell completes two downstream divestments

Shell completes two downstream divestments

9:21 AM, 3rd November 2015
Shell completes two downstream divestments

PARIS, FRANCE: Royal Dutch Shell Plc (Shell) said it has completed two divestments from its global downstream portfolio. In France, the company has completed the sale of its Butagaz LPG business to DCC Energy for €464 million. The transaction is a SHARE sale and all Butagaz staff, together with the Butagaz brand, has passed to DCC Energy.

The completion follows the announcement in May 2015 that Shell had received a binding offer from DCC. Shell’s other businesses in France – aviation, commercial fleet, lubricants, retail, and bitumen – are not impacted by this transaction.

Separately, Shell has also completed the sale of its 75 percent interest in Tongyi Lubricants in China to Huo’s Group and The Carlyle Group, following regulatory approval. The commercial terms of the agreement will remain confidential.

Both divestments are consistent with Shell’s strategy to concentrate its downstream footprint on assets and markets where it can be most competitive, and to divest its LPG businesses worldwide.

© Worldofchemicals News

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