Shell to Sell Argentina Business to Raizen for $950 Million
April 24 2018 - 7:54AM
Dow Jones News
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)
Copyright (c) 2018 Dow Jones & Company, Inc.
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