MOSCOW (MRC) -- Oil major Royal Dutch Shell PLC said it has now sold its Butagaz LPG business in France to DCC Energy for 464 million euros (USD512.78 million), following the approach made in May, said English.capital.
However, its other businesses in France--aviation, commercial fleet, lubricants, retail, and bitumen--aren't impacted by this transaction, the company said.
Separately, Shell said it has sold its 75% interest in Tongyi Lubricants in China to Huo's Group and The Carlyle Group, following regulatory approval. The commercial terms of the agreement will remain confidential it said.
"Both divestments are consistent with Shell's strategy to concentrate its downstream footprint on assets and markets where it can be most competitive, and to divest its LPG businesses worldwide," the company said.
As MRC informed earlier, Shell posted a sharp decline in third-quarter profits due to low oil prices and write-downs on projects. Shell’s third-quarter earnings, on a current cost of supplies (CCS) basis, were at USD1.8 billion, down by 70 percent as compared with the same quarter in 2014.
Royal Dutch Shell plc is an Anglo-Dutch multinational oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the biggest company in the world in terms of revenue and one of the six oil and gas "supermajors". Shell is vertically integrated and is active in every area of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading.
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