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Shell May Sell European Lpg Business
Royal Dutch Shell is reported to be selling its European lp gas business. A Sunday Times article in February stated that Shell had hired investment bank Credit Suisse to sell its European lpg gas arm and North Sea fields.
The company’s downstream assets, such as its lpg sales operations in Europe’s mature markets, are not considered essential to its growth plans. Shell is already in talks concerning the sale of its refineries at Stanlow in the UK and Harburg and Heide in Germany, and the sale of its lpg business in Greece is under review by the European Commission.
Peter Voser, Shell’s chief executive, has said he plans to cut costs and sell non-strategic assets this year. In December, the company confirmed that its lp gas businesses in India and Pakistan were up for sale.
In 2004, Shell sold its lpg units in Portugal, Brazil, Paraguay, Italy and parts of the Caribbean. Repsol of Spain bought the business in Portugal and said that it had bid for the whole unit. In 2006, Shell said it would keep the unsold lpg gas businesses as it wasn’t offered enough for them.
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