Shell completes sale of Hong Kong and Macau LPG marketing business to DCC LPG
Shell has completed the sale of the first phase of its Hong Kong and Macau LPG marketing business to DCC LPG on 31 December 2017. Shell continues to operate the LPG plant in Hong Kong, which is part of the second phase of the transaction and is subject to conditions, including regulatory approvals.
The sale of Shell’s entire LPG business in Hong Kong and Macau was announced on 5 April 2017 for an agreed total transaction value of approximately USD 150 million. As part of the sale, Shell-branded LPG products will continue to be available in Hong Kong and Macau via a long-term brand license agreement with DCC LPG.
The sale does not impact any of Shell’s other businesses in Hong Kong and Macau.
Meanwhile, Shell announced that it has terminated the agreement that it signed with Dansk Olieselskab AS in September 2016, regarding the sale of A/S Dansk Shell, which consists of the Fredericia refinery and local trading and supply activities in Denmark.
A/S Dansk Shell, including the refinery and local trading and supply activities, will remain under Shell’s ownership and continue business as usual.
Shell Group’s USD 30 billion divestment programme remains on track to complete in 2018, with deals worth USD 23 billion completed, USD 2 billion announced and USD 5 billion in advanced progress.