Shell sells downstream Chile businesses to Quinenco for $614m

01 April 2011 11:03  [Source: ICIS news]

LONDON(ICIS)--Shell has agreed to sell most of its downstream business in Chile to Quinenco for around $614m (€433m), the company said on Friday.

The sale covers all of Shell’s existing retail, commercial fuels, bitumen and chemicals businesses. The retail network of about 300 sites will continue to be Shell-branded through a trademark license agreement.

Business conglomerate Quinenco has also been appointed as a macro distributor. It will market, sell and distribute Shell branded lubricants in Chile and will become the delivery service provider for Shell marine products' international customers in the country.

Shell recently sold its Stanlow refinery in the UK to India’s Essar Energy for $1.3bn (€918m).

($1 = €0.70)

By: Tanzeel Akhtar
+44 208 652 3214

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