15 May 2013, News Wires – Anglo-Dutch Shell has agreed to sell its retail and commercial fuels activities in Egypt to the French oil giant, Total.
It is, however, holding onto the lubricants business in the North African country.
Shell Marketing Egypt is being sold for an undisclosed fee with staff in the entity not involved in the lubricants activities transferring to the new ownership.
Shell reiterated it was not quitting Egypt which continues to struggle amidst economic, political and social unrest in the wake of the Arab Spring.
“Shell’s upstream business in Egypt is not impacted by this announcement,” a statement read on Wednesday.
“Shell’s upstream (business) maintains a meaningful and long-term operation in the country, and Egypt remains an important country for Shell.
“The sale is consistent with Shell’s strategy to concentrate its downstream footprint on a smaller number of assets and markets.”
Completion of the deal is not expected for “several months”, Shell said.
