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Shell sells Hong Kong, Macau energy assets
[LONDON] Royal Dutch Shell on Wednesday announced the sale of its liquefied petroleum gas business in Hong Kong and Macau to Irish group DCC Energy for US$150.3 million.
"This sale supports Shell's strategic commitment to focus downstream activities on areas where we can be most competitive," said Shell downstream director John Abbott.
"This is one of the last of our wholly owned LPG businesses and this sale is another step in Shell's ongoing portfolio optimisation strategy to deliver US$30 billion of divestments between 2016 and 2018."
Shell stressed that Hong Kong and Macau would remain "important markets for Shell", adding that as part of the sale, the Anglo-Dutch group would enter into a long-term brand license agreement with DCC Energy, ensuring that the Shell brand stays visible.