Royal Dutch Shell has agreed to offload its refining and marketing business in Argentina to its Brazilian joint venture for $950 million.

In the latest stage of a $30 billion divestment programme, the Anglo-Dutch energy group said that it was selling its downstream business in Argentina, which includes a refinery in Buenos Aires, 645 petrol stations and operations selling liquefied petroleum gas, marine and aviation fuels.

Although it held a competitive process, the winning bidder was Raízen, the Brazilian energy company that is 50 per cent-owned by Shell and 50 per cent by Cosan. Shell will receive continual dividends from the venture.

Shell, which reported global profits of $12 billion last year, operates in more than 70 countries. The Raízen joint venture was formed in…