Shell Agrees Sale of Norwegian Downstream Businesses
Royal Dutch Shell announced Thursday that it has agreed to sell its Norwegian retail, commercial fuels and logistics businesses to ST1. The firm said that its Norwegian aviation business will become a 50-50 joint venture with ST1.
Shell said that the sale is expected to be completed in 2015. The firm added that the deal will have no impact on its other businesses in Norway: Shell Energy Europe, Gasnor and Upstream. Meanwhile, Shell lubricants will continue to be sold via a macro distributor.
Shell said the deal is consistent with its strategy of concentrating its downstream footprint on a smaller number of assets and markets "where it can be most competitive". The firm has recently sold refineries in the UK, Germany, France, Norway and the Czech Republic.
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