Thursday 18 December 2014

Shell to sell Australian assets

Published 21/02/2014 | 04:22

Shell is a joint investor in the Sakhalin scheme alongside Russia’s Gazprom
Shell is a joint investor in the Sakhalin scheme alongside Russia’s Gazprom

Royal Dutch Shell said today it is selling its Australian petrol stations and refinery to energy trader Vitol Group for 2.9 billion Australian dollars (£1.5 billion).

The sale of Shell's downstream businesses includes its Geelong refinery near Melbourne and its 870 retail outlets, the Hague, Netherlands-based company said in a statement. It does not include Shell's aviation unit.

"Australia remains important to Shell, but we are making tough portfolio choices to improve the company's overall competitiveness," Shell's chief executive Ben van Beurden said.

Most affected employees will be able to keep their jobs and continue working under Vitol, Shell said.

The deal is subject to regulatory approvals and is expected to be finalised later this year.

Shell has recently sold refineries in the UK, Germany, France, Norway and the Czech Republic.

AP

Press Association

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