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Shell Sells Australian Downstream Oil Assets For $2.2bn

Shell Sells Australian Downstream Oil Assets For $2.2bn

Abu Dhabi Investment Council and Dutch-owned oil trader Vitol have reportedly bought Shell’s downstream Australian assets.

Royal Dutch Shell has sold its downstream Australian assets to Dutch-owned oil trader Vitol and the Abu Dhabi Investment Council for about A$2.4 billion ($2.2 billion), The Australian Financial Review reported on Wednesday.

The sale would mean Australia’s Macquarie Group and its partner Glencore Xstrata were not successful in their efforts to buy the assets, the newspaper said without attributing sources.

Shell has been planning to sell the business, which includes a refinery, import terminals and 900 service stations, as part of a reported worldwide divestment program under CEO Ben Van Beurden, worth about $15 billion.

A Shell spokesman in Australia told Reuters he would not comment on “speculation”. A Glencore Xstrata spokesman declined to comment.

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