Shell sells Chile gas stations to Quinenco for $614 million

Shell sells Chile gas stations to Quinenco for $614 million

2011-04-02 05:59:04 GMT+7 (ICT)

THE HAGUE, NETHERLANDS (BNO NEWS) -- Shell on Friday announced the sale of the majority of its gas station business in Chile to Quinenco for a total consideration of some $614 million.

The retail network of about 300 sites will continue to be Shell-branded through a trademark license agreement.

"This deal is consistent with our strategy to concentrate our Downstream footprint and I strongly believe it is in the best possible interests of staff, Shell shareholders and our customers," said Mark Williams, Royal Dutch Shell's Downstream Director. "Quinenco will continue to provide the high quality Shell products that our Chilean customers have come to trust and rely on over many decades."

The proposed sale covers all Shell's existing retail, commercial fuels, bitumen and chemicals businesses, and in addition to related supply and distribution infrastructure in Chile, the sale also follows a review by Shell of its downstream businesses in the country and is consistent with the company's strategy to concentrate its global downstream portfolio into fewer and larger markets.

In addition, Quinenco has also been appointed as a macro distributor to market, sell and distribute Shell branded lubricants in Chile and will become the delivery service provider for Shell Marine Products' international customers in the country.

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