Shell sells Chinese lubricant firm 75 pc stake Carlyle, Huo’s Group

Shell sells Chinese lubricant firm 75 pc stake to Carlyle, Huo’s Group

9:35 AM, 7th August 2015
Shell sells Chinese lubricant firm 75 pc stake to Carlyle, Huo’s Group
Royal Dutch Shell Plc headquarters in Hague, The Netherlands. (File photo)

LONDON, UK: Royal Dutch Shell Plc said it has signed an agreement to sell its 75 percent stake in Tongyi Lubricants in China to Huo’s Group and The Carlyle Group. The transaction is expected to complete by late 2015 or early 2016.

The sale is consistent with Shell’s strategy to concentrate its downstream footprint on a smaller number of assets and markets where it can be most competitive, it said.

Tongyi, a joint venture between Shell and Huo’s Group, is a prominent Chinese lubricant supplier with blending plants in Beijing, Xianyang of Shaanxi province and Wuxi of Jiangsu province. Shell acquired its 75 percent stake from Huo’s Group in 2006.

In June, Shell opened a new lubricants blending plant in Tianjin with the capacity to produce 330 million litre of finished lubricants per year, enough to fill more than 65 million cars, it said.

Other recent downstream divestments include the sale of downstream businesses in Australia and Italy; a number of retail sites in UK, and the initial public offering of, and further drop downs to, Shell Midstream Partners LP. Shell has also agreed the sale of its marketing business in Denmark and Norway and its LPG businesses in France. In July, Shell announced the sale of its shareholding in Showa Shell in Japan to Idemitsu.

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