Shell sells LPG business in Hong Kong and Macau

Image: Shell

The Hague-based LNG giant Shell has entered into a deal to sell its liquefied petroleum gas (LPG) business in Hong Kong and Macau to DCC Energy.

The conditional sale is worth about of $150.3 million.

“This sale supports Shell’s strategic commitment to focus downstream activities on areas where we can be most competitive,” John Abbott, Shell Downstream Director, said in a statement.

“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 $30 billion of divestments between 2016 and 2018,” Abbott added.

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.

All local Shell LPG employees affected will be given an option to transition to DCC Energy, according to the company.

The sale is expected to conclude in the first quarter of the next year, subject to the receipt of regulatory approvals.

Share this article

Follow LNG World News

Posted on April 5, 2017 with tags .

Events>

<< Mar 2020 >>
MTWTFSS
24 25 26 27 28 29 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Flame 2020

Flame is Europe’s largest and most influential meeting place for the global gas industry.

read more >

4th PNG Petroleum & Energy Summit

The CWC Group, in partnership with Kumul Petroleum Holdings Ltd.

read more >

FSRU World Congress 2020

FSRU World Congress 2020 will therefore focus on further Commercialising FSRUs through LNG-to-Power…

read more >

CWC World LNG & Gas Series: 12th Asia Pacific Summit

The 2020 Summit will offer an unrivaled programme covering relevant and significant discussion topics…

read more >