02 November 2015 – Shell has raised more divestment funds after the Anglo-Dutch supermajor managed to offload tow downstream units.
UK oil refinery DCC Energy has completed the purchase of Shell’s French liquefied petroleum gas business Butagaz for €464 million ($512 million).
The all-shares deal will see all Butagaz staff transferred to the buyer.
Shell has also sold its 75% stake in Tongyi Lubricants in China to Huo’s Group and the Carlyle Group for undisclosed sums.
Both divestments are consistent with Shell’s strategy to concentrate its downstream footprint on assets and markets where it can be most competitive, and to divest its LPG businesses worldwide.
*Eoin O’Cinneide – Upstreamonline