Shell CEO Ben van Beurden said that the company is undertaking a strategic review of its downstream assets in Argentina, as part of Shell’s USD 30 billion divestment programme. The move reflects a major change in the company’s “downstream” services, said van Beurden at the Barclays CEO Energy-Power Conference in New York.
Shell’s downstream assets in Argentina include the Buenos Aires refinery, around 600 retail sites, plus trading and supply, chemicals, LPG, marine fuels, aviation fuels and lubricants businesses. Shell has an 18% market share of Argentina’s fuel retail segment.
However, a company spokesman told Reuters that Shell’s upstream assets are not part of the review. In a press release, Shell explained that it had no intention of losing its presence in the country.
“A revision of our downstream portfolio means an evaluation of our model and its assets in the country,” but “Shell has a strong commitment to Argentina, where we have more than 100 years of history,” Shell said in a press release.
“Our upstream interests and their related assets in Argentina are outside the reach of our strategic revision.”
Shell has won the rights to explore some parts of the Vaca Muerta region in Neuquén province, known for its abundance of unconventional gas and oil resources.