Shell sells off Chile refining interests
Anglo-Dutch energy giant Royal Dutch Shell announced Friday the sale of its refining and distribution activities in Chile to local oil company Quinenco for $614 million (433 million euros).
"Shell today announced it has agreed to sell most of its downstream business in Chile to Quinenco for a total consideration of some US$614 million," the group said in a statement.
The energy major added that the decision was part of its strategy to consolidate downstream operations into fewer and larger markets.
"This deal is consistent with our strategy to concentrate our downstream footprint and I strongly believe it is in the best possible interests of staff, Shell shareholders and our customers," said Mark Williams, Royal Dutch Shell's downstream director.
© 2011 AFP