Shell completes sale of downstream businesses in Greece to Motor Oil Hellas
Shell and Motor Oil (Hellas) Corinth Refineries S.A today announced the completed sale of Shell's downstream businesses in Greece and an agreement for the continued use of the Shell brand in the Greek market.
The sale includes Shell's retail, commercial fuels, bitumen, chemicals, supply and distribution, and liquefied petroleum gas (LPG) businesses, as well as a lubricants oil blending plant. The purchase price is €245.6million (around $300million). With the completion of the agreement Shell Hellas A.E.'s company name will change to Coral A.E.
"The decision to sell our downstream businesses in Greece follows a comprehensive strategic review", said Shell Downstream Director Mark Williams. "It fits with our drive to simplify our global downstream portfolio and concentrate on larger, integrated assets in growth markets."
Motor Oil's Executive Vice Chairman, Mr. Ioannis V. Vardinoyannis, said: "The acquisition of Shell in Greece, a leading company with a top position in our country and an internationally recognised brand, is a strategic success for us. As leaders in refining and trading of oil products, Motor Oil has now further enhanced its position in the marketing of fuels and chemicals. At this point the Motor Oil Group owns an extensive network of retail stations and a wide range of quality products, allowing us to meet the needs of the most demanding Greek consumer."
The deal also includes the creation of a marketing joint venture (MJV) between Shell and Motor Oil Hellas for the trade of aviation fuels under the company name Shell & MOH Aviation Fuels A.E. The Shell retail network of around 700 retail stations, as well as the new aviation joint venture, will retain the Shell brand and products through trademark licensing agreements. The LPG business will continue to operate under its new name, Coral Gas S.A.
This agreement was approved by the Hellenic Competition Commission on 11 June 2010.