Royal Dutch Shell on Wednesday announced the sale of its liquefied petroleum gas business in Hong Kong and Macau to Irish group DCC Energy for US$150.3 million (141 million euros).
"This sale supports Shell's strategic commitment to focus downstream activities on areas where we can be most competitive," said Shell Downstream Director John Abbott.
"This is one of the last of our wholly owned LPG businesses and this sale is another step in Shell's ongoing portfolio optimisation strategy to deliver $30 billion of divestments between 2016 and 2018."
Shell stressed that Hong Kong and Macau would remain "important markets for Shell", adding that as part of the sale, the Anglo-Dutch group would enter into a long-term brand license agreement with DCC Energy, ensuring that the Shell brand stays visible.
bcp/wdb
ROYAL DUTCH SHELL PLC
Oil and gas explorer FAR Ltd. on a West African roll
West African oil and gas explorer FAR Ltd. said its streak is continuing with an expansion to the terms of its campaign offshore Guinea-Bissau.
FAR Ltd., which has headquarters in Australia, said it's revised the regional licenses with state oil company, Petroguin, so that the company's share and term duration increases. With a license period now extending to 2020, the company said it h … read more
