Shell exits Greek downstream business

Motor Oil (Hellas) Corinth Refineries SA has agreed to buy Royal Dutch Shell PLC’s downstream assets in Greece for €245.6 million.

Uchenna Izundu
OGJ International Editor

LONDON, Sept. 25 -- Motor Oil (Hellas) Corinth Refineries SA has agreed to buy Royal Dutch Shell PLC’s downstream assets in Greece for €245.6 million.

It will acquire Shell's shares in Shell Hellas A.E. and Shell Gas AEBEY. The agreement includes the sale of Shell's retail, commercial fuels, bitumen, chemicals, supply and distribution, and LPG businesses, as well as a lubricants oil blending plant. The retail network, as well as a new aviation joint venture, will carry the shell brand through trademark licensing agreements.

Motor Oil will gain 137,000 cu m of storage depot capacity; namely Kalohori, Amfilohia, Perama, Chania, Alexandroupoli, and Rhodes.

The deal requires the approval of the competition authorities before it can be finalized.

Contact Uchenna Izundu at uchennai@pennwell.com.

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