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
Also in this section
25 November 2024
The Nigerian mega-refinery has yet to reach its full product-producing potential
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
