LONDON (Alliance News) - Royal Dutch Shell PLC Thursday said it has sold some of its downstream business in Norway, but said its brand will remain "highly visible" and said the country remains an "important country" for the company.
Shell has sold Smart Fuel AS, its retail, commercial fuels and supply and distribution logistics businesses in Norway, to St1 Nordic Oy, but said the Shell brand will continue through a retail brand licence agreement.
Shell fuels and lubricants also will continue to be sold at the 404 retail sites which will transfer to St1's ownership under the deal. No financial details were disclosed.
Additionally, Shell and St1 have joined forces to create Aviation Fuelling Services Norway AS, a joint venture to sell aviation fuel in Norway.
"The sale is consistent with Shell?s strategy to concentrate its downstream footprint on assets and markets where it can be most competitive. The sale price has not been disclosed for reasons of commercial confidentiality," it said in a statement.
"Norway remains an important country for Shell, which is committed to a long-term presence there. Shell?s other businesses in Norway ? lubricants, Shell Energy Europe, Gasnor and upstream ? will continue to operate as before," it added.
Shell 'A' shares were up 2.7% to 1,596.00 pence per share on Thursday whilst 'B' shares were up 2.9% to 1,609.0p.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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