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Shell sells downstream businesses in Australia to Vitol for $2.6 billion

8:18 AM MST | February 21, 2014 | Deepti Ramesh

Shell says it has reached a binding agreement to sell its Australia downstream businesses to energy trader Vitol (Rotterdam) for about A$2.9 billion (US$2.61 billion). The sale covers Shell’s refinery at Geelong and 870-site retail business along with its bulk fuels, bitumen, chemicals, and part of its lubricants businesses in Australia. The sale also includes a brand license arrangement and an exclusive distributor arrangement in Australia for Shell Lubricants. The deal is expected to close later this year. The sale does not include the aviation fuel...

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