LONDON (Alliance News) - Royal Dutch Shell PLC on Friday said it has secured a deal to sell its 75% stake in China-based Tongyi Lubricants to Huo's Group and private equity company Carlyle Group.
The FTSE 100-listed oil major did not provide any financial details on the transaction, but said it expects to complete the deal by late 2015 or early 2016.
Tongyi is a joint venture between Shell and Huo's Group, the Chinese lubricants supplier.
Shell said the deal is consistent with its ongoing strategy of consolidating its downstream operations and focusing them on a smaller base of assets and on markets in which it can be competitive.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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