By Oliver Griffin

Royal Dutch Shell PLC (RDSB.LN) said Tuesday that it has agreed to sell its downstream business in Argentina to Raizen, Shell's joint-venture company with Cosan Ltd. (CZZ), for $950 million.

The oil-and-gas company said that the sale includes its refinery in Buenos Aires, about 645 retail stations, its supply and distribution activities across the country and other businesses.

Once the transaction is complete, the operations acquired by Raizen will continue their relationships with Shell through commercial agreements that are worth about $300 million.

Shell said the asset sale was part of its $30 billion divestment program and follows a strategic review of Shell's Argentinian downstream business that began in 2016.

Shares at 1216 GMT were up 0.8%, or 21 pence, at 2,596.50 pence a share.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

April 24, 2018 08:39 ET (12:39 GMT)

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