Shell To Retain Ownership of A/S Dansk Shell After Agreement Termination
Royal Dutch Shell plc announced Tuesday that it will retain ownership of A/S Dansk Shell, after a sales agreement it signed with Dansk Olieselskab AS (DO) last year was terminated.
Following the termination of the agreement, Shell said A/S Dansk Shell will ‘continue business as usual’.
When asked why the sale didn’t complete, a Shell representative told Rigzone that ‘the conditions that were required didn’t get satisfied’.
The representative said Shell was not currently looking for another buyer for A/S Dansk Shell.
“We’re going to…put that one on hold,” the spokesperson stated.
Shell confirmed that its $30 billion divestment program remains on track to complete in 2018, despite the development. Currently, deals worth $23 billion have been completed, deals worth $2 billion have been announced and deals worth $5 billion are in advanced progress.
Shell signed an agreement with DO regarding the sale of A/S Dansk Shell in September 2016, which included the Fredericia refinery and local trading and supply activities.
Approximately 240 people who were employed by A/S Dansk Shell at the time were expected to remain employed by the company as it transferred to new ownership.
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