Shell sells 30% stake in Showa Shell Sekiyu
The move is part of a strategy to concentrate Shell's downstream activity to a smaller number of assets
Shell is to sell to Idemitsu a 33.24% stake in Showa Shell Sekiyu for yen 169bn ($1.4 bn), leaving it with 1.80%. The Anglo-Dutch major has also sold back to Huo’s Group and The Carlyle Group its 75% stake in Tongyi Lubricants, in China. It said the sales were consistent with its strategy to concentrate its downstream footprint on a smaller number of assets and markets where it can be most competitive. Shell said: “Idemitsu is an established and successful company and is well positioned to take up Shell’s shareholding.” Shell, which has been in Japan for more than 100 years, said the country remained an important LNG market. Shell will continue to license its brand to Showa Shell for use in
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