Asia/Pacific News
Shell Completes Sale of 51% Share in Malaysia's Shell Refining Company
Royal Dutch Shell plc (Shell) Wednesday announced that it has completed the sale of its 51 percent shareholding stake in the Shell Refining Company (Federation of Malaya) Berhad (SRC) in Malaysia to Malaysia Hengyuan International Limited (MHIL).
The $66.3 million sale is noted to include the 125,000 barrel per day (bpd) refinery in Port Dickson.
"Shell is the leading retail fuels and lubricants provider in Malaysia, which remains an important market for the company," said Shell.
"Shell will maintain supply to its retail and commercial customers, and will honour all current commercial arrangements through existing comprehensive supply agreements in the country."
The company says the divestment aligns with Shell's strategy to focus its global downstream operations on the most competitive areas.
