Shell picks winner for Argentina assets: report

BUENOS AIRES, December 15, 2017 – Super-major Shell will sell downstream assets in Argentina to a Brazilian company, international media reported Thursday.

Raizen, a 50/50 joint venture between Shell and fuel and sugar conglomerate Cosan, is hammering out the details of the final sale, anonymous sources told Bloomberg. The deal could be worth USD 1 billion-1.1 billion, and includes a refinery and around 600 fuel retail stations.

Shell has hired Credit Suisse to work out the divestment. According to Bloomberg’s sources, the sale will not be finalised before January.

Shell spokesperson Kimberly Windon said that “no conclusion has been reached” in the super-major’s review of its downstream business, while Raizen and Credit Suisse declined to comment.

With a network of 6,000 Shell-branded fuel stations in Brazil, Raizen is the country’s second-largest fuel retailer. The acquisition will allow the company to expand further in the Latin American market.

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