Shell’s Argentina stations on auction

BUENOS AIRES, August 25, 2017 – Shell may be nearing the sale of its Argentinian retail station network to a Brazilian company, international media reported Thursday.

According to Reuters, the super-major received bids from several companies including state-owned YPF, China National Petroleum Corporation and Chilean firm Quinenco, with Brazil’s Raízen presenting the highest non-binding offer, at more than USD 1 billion.

If the sale goes through, Raízen would acquire 630 retail stations, through financing from banks or capital raised from bond markets.

Both Shell and Raízen declined to comment on the potential deal.

Raízen sells Shell petrol through its retail chain in Brazil, which is the country’s second-largest. The company is a 50/50 joint venture established by Shell and Brazilian firm Cosan.

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