THE HAGUE NETHERLANDS: Shell has signed an agreement with Vitol Africa BV to sell its 20 percent shareholding in Vivo Energy for $250 million. Completion of this transaction is expected during the first half of 2017.
Vivo Energy is a Shell licensee and operates in the retail of Shell branded commercial fuels, liquefied petroleum gas and lubricants.
The sale is in line with Shell’s strategy to concentrate its downstream operations where it can be most competitive.
As part of the transaction, a long-term brand license agreement has been renewed with Vitol to ensure that the Shell brand will remain visible in more than 16 countries across Africa.
Read More: Shell to sell 20 pc stake in Vivo Energy for $250 million
No comments:
Post a Comment