Shell exits Greek downstream business
Sep 25, 2009 02:00 AM
Motor Oil (Hellas) Corinth Refineries has agreed to buy Royal Dutch Shell's downstream assets in Greece for EUR 245.6
mm.
It will acquire Shell's shares in Shell Hellas and Shell Gas AEBEY. The agreement includes the sale of Shell's
retail, commercial fuels, bitumen, chemicals, supply and distribution, and LPG businesses, as well as a lubricants
oil blending plant. The retail network, as well as a new aviation joint venture, will carry the shell brand through
trademark licensing agreements.
Motor Oil will gain 137,000 cm of storage depot capacity; namely Kalohori, Amfilohia, Perama, Chania,
Alexandroupolis, and Rhodes.
The deal requires the approval of the competition authorities before it can be finalized.
