Shell mulling to divest Argentina assets

Shell is considering to divest its downstream assets in Argentina, CEO Ben van Beurden said late on Wednesday, as part of its ongoing, USD 30-billion global divestment programme.

Speaking in New York, van Beurden said the company’s downstream assets in Argentina, which include a refinery, transportation assets and some 600 retail stations, were under “strategic review.”

In a subsequent press release, Shell elaborated on the possible sale, saying its “upstream interests and their related assets” were “outside the reach of our strategic revision.” The company is active in two blocs in the Vaca Muerta region, Sierras Blancas and Cruz de Lorena. It works together with Total on half of its acreage position.

Shell also underlined that it would remain committed to Argentina. “A revision of our downstream portfolio means an evaluation of our model and its assets in the country … Shell has a strong commitment to Argentina, where we have more than 100 years of history.”