Shell to Sell $2.6 Billion Australian Refinery and Gas Station Assets
On February 21, 2014, Vitol Group agreed to pay A$2.9 billion (approximately US$2.6 billion) to purchase Royal Dutch Shell 's refining and gas station assets in Australia. At present, Shell, Europe’s largest oil company, is accelerating the sale of assets.
Shell Petroleum Corporation announced on Friday in Australia that the assets it sold included the Geelong refinery in southern Melbourne and 870 gas stations. However, the assets sold do not include the aviation fuel business.
Victor Oil is the world's largest independent oil trader headquartered in Geneva. The company’s statement stated that the Australian economy is growing and hopes to expand operations in Australia. As Shell's refining and shale gas investment business in North America eroded profits, Shell CEO Ben van Beurden accelerated asset sales after taking office this year.
Van Boden said, "Australia is still important to Shell, but we need to make difficult asset allocation decisions and improve the company's overall competitiveness."
The statement also revealed that Shell has agreed to sell the assets of the United Kingdom, France, Norway, Jack and Germany, and plans to sell more Norwegian and Italian assets.
The statement said that Victoria Oil’s sale of gasoline in Australia still retains the Shell brand.
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