Royal Dutch Shell plc (Shell) announced today that it had signed a Sale and Purchase Agreement and Trade Mark Licence Agreement with Rubis Group relating to the divestment of Shell's Oil Products businesses in the French Antilles (Guadeloupe, Martinique) and French Guyana. Shell had announced in June that it was reviewing an offer from Rubis.
The agreements relate to Shell's 24% interest in the SARA refinery in Martinique, a wholly-owned network of 54 retail service stations, distribution assets and facilities, commercial fuels, bitumen, aviation, lubricants, liquefied petroleum gas and marine businesses geographically spread across the region.
The sale is subject to regulatory approvals and completion is expected to take place by the end of 2005.
Shell SAGF Chairman, Jean Pierre Fiorentino said, "We are delighted with the outcome of this agreement. Rubis will continue to use the Shell brand under a Trade Mark Licence Agreement and Shell will keep supplying high quality fuels and lubricants to the region, thereby continuing to serve customers, dealers, and distributors and maintaining awareness of the Shell brand across the region.". "The business has been sold as a going concern and our priority now is to work with our staff, customers and other stakeholders to ensure a smooth transition and jointly grow the business," said Mr Fiorentino.
The divestment is consistent with Shell's strategy of managing its portfolio to deliver maximum value to customers and shareholders.