LONDON, Dec 18 (Reuters) - Oil major Shell said onThursday it had sold parts of its Norwegian downstream businessto Finnish fuel firm ST1 for an undisclosed sum, furtherdivesting parts of its downstream activities.
ST1 will take over Shell's Norwegian retail, commercialfuels and supply and distribution businesses, while Shell'saviation business in Norway will become a 50-50 joint venturewith ST1.
The deal is expected to close next year, pending regulatoryapproval.
The sale follows Shell's downstream divestments throughrefinery sales in Britain, Germany, France, Norway and the CzechRepublic as the oil major seeks to cut costs in a weak oil priceenvironment.
ST1 already operates Shell-branded petrol stations inFinland and Sweden. The deal announced on Thursday includes anagreement to continue operating Shell's Norwegian assets underits brand. (Reporting by Karolin Schaps; editing by Jason Neely)