1st Feb 2016 10:36
LONDON (Alliance News) - Royal Dutch Shell PLC on Monday said it has reached a conditional agreement with Malaysian Hengyuan International Ltd to sell its 51% stake in the Shell Refining Co in Malaysia for USD66.3 million.
Malaysian Hengyuan intends to invest in the upgrades the platform needs to meet new requirements.
The deal is expected to complete in 2016, subject to regulatory approval.
Shell said the sale was in line with its push to focus on its downstream business globally and in businesses where it can be competitive.
Shell 'A' shares were down 0.6% to 1,509.5 pence on Monday, while its 'B' shares were down 0.9% to 1,508.00p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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