Shell sells gas business in Hong Kong and Macau
A Shell logo at a petrol station. The company is offloading its LPG
Hong Kong - Arab Today
Royal Dutch Shell on Wednesday announced the sale of its liquefied petroleum gas business in Hong Kong and Macau to the Irish group DCC Energy for US$150.3 million.
"This sale supports Shell’s strategic commitment to focus downstream activities on areas where we can be most competitive," said the 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 licence agreement with DCC Energy, ensuring that the Shell brand stays visible.
Source: The National
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