From AXF News: Tuesday, 11th July 2006 12:30
PARIS (AFX) – Total SA said it has agreed to buy Royal Dutch Shell’s oil distribution outlets in Fiji and Tonga as part of a build-up of its business in the Pacific region.
The assets being acquired include nine oil terminals and depots and 20 service stations.
The value of the transaction was not disclosed.
In a separate announcement, Shell said its businesses in New Caledonia, Vanuatu and French Polynesia will be purchased by Albert Moux and Partners, a consortium whose principal is Shell’s current co-venturer in French Polynesia, Albert Moux.
Shell’s businesses in the Cook Islands and Solomon Islands will be the subject of a further announcement.
No financial details were disclosed. The sale is expected to be completed in the coming months, subject to regulatory approvals.
Shell said the divestment is in line with its strategy. It noted that the business in the Pacific Islands from Shell’s perspective remains small, even though Shell in the Pacific Islands has been operating in a market with good long-term prospects, a loyal customer base, professional staff and reliable business partners.
The businesses are to be sold as going concerns. Shell has negotiated a bulk fuels supply agreement with each purchasing company for supply of Shell high quality fuels for up to five years following the sale.
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