Shell Signs Sale Agreement to Divest Vivo Energy Stake to Vitol Africa

by Ship & Bunker News Team
Tuesday December 27, 2016

Royal Dutch Shell plc (Shell) has signed an agreement for the sale of its 20 percent shareholding in Vivo Energy - which supplies fuels and lubricants to marine markets, among other activities - for $250 million to Vitol Africa B.V. (Vitol Africa).

The sale, subject to regulatory approval, is expected to be finalised in the first half of 2017.

A long term brand licence agreement has has also been renewed with Vitol as part of the agreement, ensuring Shell's brand remains visible across more than 16 African countries.

"The sale is in line with Shell's strategy to concentrate its Downstream operations where it can be most competitive," explained the company.

Last week, citing similar reasons, Shell announced that it had 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).