Shell sells refineries to Petroplus

2nd August 2007, Comments 0 comments

2 August 2007, AMSTERDAM (AP) - Royal Dutch Shell PLC said Thursday it agreed to sell two oil refineries in France and stakes in two Norwegian Sea fields worth EUR 1.3 billion.

2 August 2007

AMSTERDAM (AP) - Royal Dutch Shell PLC said Thursday it agreed to sell two oil refineries in France and stakes in two Norwegian Sea fields worth EUR 1.3 billion.

Europe's largest oil company said in separate statements that it agreed to sell the French refineries to Petroplus Holdings AG for EUR 639 million and its 28 percent stakes in the Norwegian Sea-based Skarv and Idun fields to E.On Ruhrgas Norge AS for EUR 653.4 million.

The French deal, due to close in 2008, also includes an agreement for Shell to help Switzerland-based Petroplus develop and sell specialty lubricants.

Shell said the sale, if completed, "would be part of an ongoing strategic review of a number of Shell's refining and petrochemicals assets" and includes the Petit Couronne and Reichstett Vendenheim refineries.

The two refineries have a combined capacity of 220,000 barrels per day.

The Skarv and Idun fields are currently undeveloped.

"As any healthy business should, we continually evaluate our portfolio to ensure that the fields, which we own, are those where we can add most value," said David Loughman, managing director of A/S Norske Shell.

[Copyright AP 2007]

Subject: Dutch news

0 Comments To This Article