By Caroline Muspratt (Filed: 17/03/2006)
Oil giant Royal Dutch Shell has decided to keep its liquefied petroleum gas (LPG) business following a strategic review.
The company said in September 2004 that it would review its options after receiving an unsolicited offer from an interested buyer for its LPG business.
Some parts of the LPG business have already been sold, including Portugal, parts of the caribbean, Brazil, Paraguay and Italy for around $350m, as part of the group’s downstream portfolio rationalisation. It said the remainder will stay within its downstream portfolio.
Ron Blakely, executive vice president of finance for Shell downstream, said: “We made clear all along in this process that our LPG business is robust, and meets our portfolio criteria. We would only sell if the values and terms of the sale would offer greater value than we would assign to these assets ourselves.”
He added: “LPG generates a competitive return on capital employed, and will continue to be run as part of our downstream portfolio in our markets of choice. It will be very much business as usual going forward.”
Royal Dutch Shell’s A shares rose 6 to £17.83 in early trading.
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