Shell and Kuwait Petroleum International (KPI) announce today that their respective affiliates have reached an agreement for the sale of shares in the companies containing the Retail, Supply & Distribution logistics and Aviation businesses in Italy. The sale is subject to regulatory approval and is expected to complete in 2014.
Under the agreement Shell’s Retail network will be re-branded to Q8.
Shell’s non-service station Lubricants, Marine, Gas & Power and Upstream businesses in Italy are not impacted by the sale and will continue to operate as before. Shell will continue to operate its Lubricants business through Shell Italia Oil Products and its Gas & Power business through Shell Energy Italia. Shell Italia E&P has a material Upstream presence in the country with a strategy to grow and maximise the potential where we have an existing and growing production presence.
Italy remains an important country for Shell.
The sale is consistent with Shell’s strategy to concentrate Shell’s Downstream footprint on a smaller number of assets and markets where we can be most competitive. Recent divestment examples include the sale of refineries in the UK, Germany, France, Norway and the Czech Republic and Downstream businesses in Egypt, Spain, Greece, Finland and Sweden as well as the establishment of a Downstream joint venture across Africa.
All details of the sale are subject to commercial confidentiality.
