Shell sell its Shell Refining Co shareholding in Malaysia

Shell to sell its Shell Refining Co shareholding in Malaysia

4:20 AM, 2nd February 2016
Shell to sell its Shell Refining Co shareholding in Malaysia

HAGUE, NETHERLANDS: Royal Dutch Shell said that it has reached a conditional agreement with Malaysian Hengyuan International Limited (MHIL) for the sale of its 51 percent shareholding in the Shell Refining Company (SRC) in Malaysia for $66.3 million.

It is MHIL’s intention for SRC to invest in the upgrades needed to meet the Euro 4M and Euro 5 requirements.

The transaction is expected to complete in 2016.

Shell Malaysia Trading will ensure security of supply to its retail and commercial customers in Malaysia and honour other existing commitments through an existing comprehensive supply strategy that includes a long term offtake from Shell Refining Company.

The sale is consistent with Shell’s strategy to concentrate its global downstream footprint and businesses where it can be most competitive. Shell is the leading retail fuels and lubricants provider and continues to invest in growing these businesses in Malaysia, it said.

Other recent downstream divestments include the sale of downstream businesses in Australia and Italy; a number of retail sites in the 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, its LPG businesses in France and a 33.24 percent shareholding in Showa Shell Sekiyu KK.

© Worldofchemicals News

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


GAIL to import ethane from US for $5-bn petrochem plant

NEW DELHI, INDIA: State-owned gas utility GAIL (India) Limited said that it plans to import ethane from countries like US for a $5 billion petrochemic ...

Read more
Easier way to make ‘bijels,’ a complex new form of liquid matter

PHILADELPHIA, US: Oil and water famously don't mix, but finely dispersing one in the other produces a liquid mixture with many useful properties. An e ...

Read more
Punj Lloyd, Limak JV wins Rs 2780 crore pipeline contract in Turkey

NEW DELHI, INDIA: Punj Lloyd ltd said that its 50:50 JV with Limak Holding AS has won 459km TANAP gas pipeline project in Turkey worth Rs.2,780 crore ...

Read more
Lubrizol starts chlorinated PVC compounding plant in Gujarat, India

AHMEDABAD, INDIA: The Lubrizol Corporation, a Berkshire Hathaway company said that it has opened its chlorinated polyvinyl chloride (CPVC) compounding ...

Read more
Arkema to not increase stake in Chinese acrylics firm Taixing Sunke

COLOMBES, FRANCE: Arkema said that it had an option, until early 2016, to increase its stake in Taixing Sunke Chemicals, a production joint venture wh ...

Read more
Axiall rejects unsolicited proposal from Westlake

ATLANTA, US: Axiall Corporation said that it has rejected an unsolicited and conditional proposal from Westlake Chemical Corporation to acquire all of ...

Read more