Shell Signs Agreement with Total for sale of Retail and Commercial Fuels in Egypt
May 15, 2013
Shell today announces that it has reached an agreement with Total for the sale of its Retail and Commercial Fuels activities in Egypt, Shell Marketing Egypt (SME).
Shell’s current SME staff, except those who support the retained lubricants business, will transfer to Total under the agreement.
Other Shell Businesses in Egypt will continue to operate as before. Shell maintains a material upstream presence in the country and our strategy aims to grow and maximise the hydrocarbon potential in the Western Desert, where we have an existing and growing production presence.
The sale is consistent with Shell’s strategy to concentrate its Downstream footprint on a smaller number of assets and markets. Recent examples include the sale of refineries in the UK and Germany and Downstream businesses in Finland and Sweden as well as the establishment of joint ventures in Brazil and across much of the rest of Africa.
All details of the sale are subject to commercial confidentiality.
Until deal completion, which is not expected for several months, Shell will continue to carry out its normal activities, delivering excellent customer service. As ever, safety remains Shell’s top priority.