Shell has announced the conditional sale of its LPG business in Hong Kong and Macau to DCC Energy for US$150.3 million.
As part of the sale, Shell will be entering into a long-term brand license agreement with DCC Energy that will ensure the Shell brand remains visible across the LPG business in Hong Kong and Macau, which remain important markets for Shell.
Shell said that all of its local LPG employees affected will be given an option to transition to DCC Energy. The sale is expected to conclude in 1Q18, subject to the receipt of relevant regulatory approvals.
John Abbott, Shell Downstream Director, said: “This sale supports Shell’s strategic commitment to focus downstream activities on areas where we can be most competitive. This is one of the last of our wholly owned LPG businesses and this sale is another step in Shell’s ongoing portfolio optimisation strategy to deliver US$30 billion of divestments between 2016 and 2018.”
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/06042017/shell-sells-lpg-business-in-hong-kong-and-macau/