Vitol buying shells Australian downstream businesses approximately $2.6 billion

Shell to sell Australia downstream businesses to Vitol

11:06 AM, 21st February 2014
Shell to sell Australian downstream businesses to Vitol
Ben van Beurden, Chief Executive Officer, Shell.

PARIS, FRANCE: Shell has reached a binding agreement to sell its Australia downstream businesses (excluding Aviation) to Vitol, multinational energy and commodity trading company, for a total transaction value of approximately A$2.9 billion ($2.6 billion). It does not include the Aviation business, which will remain with Shell Group, or the lube oil blending and grease plants in Brisbane, which will be converted to bulk storage and distribution facilities. The majority of Shell’s downstream staff in Australia will continue to operate the business under its new owner.

The sale covers Shell’s Geelong Refinery and 870-site retail business - along with its bulk fuels, bitumen, chemicals and part of its lubricants businesses in Australia. It also includes a brand license arrangement and an exclusive distributor arrangement in Australia for Shell Lubricants.

“Australia remains important to Shell, but we are making tough portfolio choices to improve the company’s overall competitiveness. Our customers will continue to benefit from the quality associated with the Shell brand and we are confident Vitol will invest in and grow the business,” said Ben van Beurden, Chief Executive Officer, Shell.

 

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