Shell has completed the sale of the first phase of its Hong Kong and Macau liquefied petroleum gas (LPG) marketing business to DCC LPG on 31st December 2017.
The company, in a statement, said it continues to operate the LPG plant in Hong Kong, which is part of the second phase of the transaction and that the issue is subject to conditions, including regulatory approvals.
The sale of Shell’s entire LPG business in Hong Kong and Macau was announced on 5 April 2017 for an agreed total transaction value of approximately US$ 150 million. As part of the sale, Shell branded LPG products will continue to be available in Hong Kong and Macau via a long-term brand license agreement with DCC LPG.
The sale does not impact any of Shell’s other businesses and Shell remains committed to helping meet growing energy demand in Hong Kong and Macau.
Similarly, the oil giant said the agreement it signed with Dansk Olieselskab AS (DO) in September 2016 regarding the sale of A/S Dansk Shell, which consists of the Fredericia refinery and local trading and supply activities, has terminated and the sale will not complete.
A/S Dansk Shell, including the refinery and local trading and supply activities, will remain under Shell’s ownership and continue business as usual.
Shell Group’s $30 billion divestment programme remains on track to complete in 2018, with deals worth $23 billion completed, $2 billion announced and $5 billion in advanced progress.
Source: The Nation