Shell closes Argentina downstream sale
BUENOS AIRES, October 2, 2018 – Shell has completed the sale of its downstream assets in Argentina to Brazilian affiliate Raizen for USD 916 million, the super-major announced on Monday.
The deal, first announced in April, includes Shell’s Dock Sud refinery and around 665 fuel retail stations in Argentina, as well as numerous oil products distribution businesses. Its price tag is “subject to final price adjustments,” the company statement added.
“The sale is consistent with Shell’s strategy to simplify its portfolio through a USD 30-billion divestment programme,” Shell said.
“It does not include Shell’s Upstream interests in the Vaca Muerta shale formation. Shell sees substantial long-term growth potential in Argentina’s shale resources.”
Raizen is a Brazilian JV between Shell (50%) and Cosan (50%).