Shell announces sale of service stations in Dominican Republic
Santo Domingo, Nov 20, 2009 (EFE via COMTEX) --
Company: Royal Dutch Shell PLC (RDS/A)
Royal Dutch Shell said it has reached a deal to sell service stations and other industrial and commercial businesses in the Dominican Republic to Barbados-based Grupo Sol for an undisclosed sum, the local media reported Friday.
The agreement, which does not include the sale of lubricants subsidiary Lubricantes Dominicanos, will allow the oil major to focus on other sectors that it hopes offer greater growth potential.
Completion of the deal, which includes the lubricants marketing area and product distribution, as well as the use of the Shell brand under a licensing agreement, will require both parties to meet certain conditions.
Shell last year sold its 50 percent stake in the Refidomsa refinery to the Dominican government, already owner of the other 50 percent, for $110 million.
The government last month agreed to sell a 49 percent stake in that refinery to Venezuelan state oil company Petroleos de Venezuela. EFE
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Company: Royal Dutch Shell PLC (RDS/A)
Related terms: barbados, commercial, dominican republic, government, industrial, marketing, media, refinery, venezuela, Barbados, industrial, local, marketing, Venezuela
