Royal Dutch Shell Plc  .com Rotating Header Image

Shell’s Brazil Venture Reaches Accord With BP on Jet-Fuel Assets

By Arnaldo Galvao and Lucia Kassai – Dec 15, 2011 4:38 PM GMT

Royal Dutch Shell Plc (RDSA) and Cosan Industria & Comercio SA’s joint venture in Brazil has reached a preliminary accord to sell its jet-fuel unit to BP Plc, the nation’s antitrust regulator said today.

The venture, called Raizen, was granted an additional five days to present the agreement to the regulator before being fined, Olavo Chinaglia, interim president of the agency, said at a meeting in Brasilia today. Cade, as the regulator is known, ordered the sale after Shell and Cosan combined some assets in Brazil, including service stations and the jet-fuel unit that Cosan had bought from Exxon Mobil Corp. (XOM)

“Failure to carry out Cade’s decision means the operation will have to be reverted with a return of assets to Cosan,” said Chinaglia. “This would affects the assessment of the joint venture formed between Shell and Cosan.”

A final ruling on the entire joint venture hasn’t been scheduled yet, Cade’s attorney Gilvandro Araujo said. Raizen is the world’s biggest processor of sugar-cane into sweetener and ethanol.

To contact the reporters on this story: Arnaldo Galvao in Brasilia Newsroom at [email protected]; Lucia Kassai in Sao Paulo at [email protected]

To contact the editor responsible for this story: Carlos Caminada at [email protected]

SOURCE ARTICLE

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Comment Rules

  • Please show respect to the opinions of others no matter how seemingly far-fetched.
  • Abusive, foul language, and/or divisive comments may be deleted without notice.
  • Each blog member is allowed limited comments, as displayed above the comment box.
  • Comments must be limited to the number of words displayed above the comment box.
  • Please limit one comment after any comment posted per post.