EMEA News
Sales Agreement Reached on Shell Refining Business in Denmark
Royal Dutch Shell plc (Shell) has announced that it has reached an agreement for the sale of A/S Dansk Shell in Denmark to Dansk Olieselskab ApS (Dansk Olieselskab) for approximately $80 million, including working capital.
Subject to regulatory approvals, the sale of A/S Dansk Shell is noted to include the 70,000 barrel per day (bpd) Fredericia refinery, as well as local trading and supply activities.
The sale is said to be expected to be finalised in 2017, and will see the approximately 240 staff retain their positions as the company is transferred to the new ownership.
"The divestment is consistent with Shell's strategy to concentrate its downstream operations on areas where it can be most competitive," said Shell, noting that the sale marks the comapny's exit from downstream activities in Denmark.
In February, Shell announced that BG Group plc (BG) had confirmed that the High Court of Justice of England and Wales had sanctioned the so-called "mega-merger" of Shell and BG.
