Royal Dutch Shell progresses sale of its Berre-l'Etang refinery site complex

abarrelfullabarrelfull wrote on 28 Jan 2013 09:24

02 Aug 2007

As part of an ongoing strategy of portfolio management, Société des Pétroles Shell (Shell) has received an offer for the sale of its Berre-l'Etang refinery site complex and associated infrastructure and businesses to Basell. A purchase price of $700 million has been agreed.

The sale is subject to staff consultation and regulatory approval. Shell will be working closely with the appropriate trade unions and staff representatives as it has been doing since the announcement to review the ownership of the assets was made in January 2007. It is anticipated that any deal would be concluded in early 2008.

Shell will continue to serve its customers in France in a range of businesses including retail, commercial road transport, lubricants (including Marine Lubricants), LPG, aviation and bitumen.

"The deal is consistent with our strategy of 'more upstream, profitable downstream', where we aim to focus and simplify the portfolio of the Downstream business to those areas that give us the best returns and allow us to use capital to invest in growth markets. We believe this deal is in the long-term best interests of our shareholders, staff and customers," said Rob Routs, Executive Director Oil Products and Chemicals, Royal Dutch Shell plc.

Shell also owns the Petit Couronne and Reichstett Vendenheim refineries, which are not part of the deal with Basell. An announcement on the possible sale of these two refineries was made earlier today. Petroplus Holdings AG has signed a Letter of Intent with Shell International Petroleum Company Limited (not Société des Pétroles Shell as previously reported).

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