Shell To Retain Ownership of A/S Dansk Shell After Agreement Termination



Shell To Retain Ownership of A/S Dansk Shell After Agreement Termination
Shell will retain ownership of A/S Dansk Shell after a sales agreement it signed with Dansk Olieselskab AS (DO) last year was terminated.

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.



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.