OpeOluwani Akintayo
05 January 2018, Sweetcrude, Lagos — Shell has completed the sale of the first phase of its Hong Kong and Macau LPG marketing business to DCC LPG.
In a release by Shell Internation on Wednesday, the company disclosed that the deal was finalised on 31st December 2017.
Shell said it continues to operate the LPG plant in Hong Kong, which is part of the second phase of the transaction and is subject to conditions including regulatory approvals.
On April 5, 2017, the company announced the sale of its entire LPG business in Hong Kong and Macau, at an agreed total transaction value of approximately US$ 150 million.
As part of the sale, Shell-branded LPG products will continue to be available in Hong Kong and Macau via a long-term brand license agreement with DCC LPG.
Shell added that the sale does not impact any of its other businesses in Hong Kong and Macau.
