Shell to sell Downstream assets in Greece

Friday, Sep 25, 2009

Shell today agreed to sell its Downstream businesses in Greece to Motor Oil (Hellas) Corinth Refineries S.A. The deal, which is subject to competition authority clearance, follows a review by Shell of its Downstream businesses in the country and is consistent with the company's strategy to concentrate its global Downstream portfolio.

Under the terms of the deal, Motor Oil (Hellas) Corinth Refineries S.A. will acquire Shell's shares in Shell Hellas A.E. and Shell Gas A.E.B.E.Y. The agreement includes the sale of Shell's retail, commercial fuels, bitumen, chemicals, supply and distribution, and Liquefied Petroleum Gas businesses, as well as a lubricants oil blending plant. The retail network, as well as a new aviation joint venture, will be Shell-branded through Trademark Licensing Agreements.

Under a separate agreement also announced today, Petros Petropoulos AEBE - a supplier and distributor of automotive related products in Greece - will become the macro distributor of Shell-branded lubricants throughout Greece. The decision by Shell to move to a distributor model supports its portfolio concentration drive and follows a number of similar deals in other countries. The agreement is also subject to competition authority clearance.

Source: Shell