Shell sells downstream businesses in Norway
Shell announced that it completely sold its retail, commercial fuels and supply & distribution logistics businesses in Norway to St1 Nordic Oy of Smart Fuel AS.
Shell said that it will continue to be highly visible in Norway through a retail brand license agreement. Shell fuels and lubricants will still be sold at the 404 retail sites which will transfer to St1’s ownership. Additionally, Shell and St1 have joined forces to create Aviation Fuelling Services Norway AS, a joint venture to sell aviation fuel in Norway.
The completion follows the announcement of a sales agreement in December 2014 and approval from the Norwegian competition authority. The sale is said to be consistent with Shell’s strategy to concentrate its downstream footprint on assets and markets where it can be most competitive. The sale price has not been disclosed for reasons of commercial confidentiality.
Shell’s other businesses in Norway – lubricants, Shell Energy Europe, Gasnor and upstream – will continue to operate as before.