Monday, April 16, 2007
VOLUME 1 ISSUE 292
Royal Dutch Shell (Shell) today announced the signing of an agreement with ConocoPhillips for the acquisition of 100% of shares in its wholly owned subsidiary, Conoco Jet (Malaysia) Sdn Bhd, which operates the ProJet retail marketing assets in Malaysia.
Royal Dutch Shell (Shell) today announced the signing of an agreement with ConocoPhillips for the acquisition of 100% of shares in its wholly owned subsidiary, Conoco Jet (Malaysia) Sdn Bhd, which operates the ProJet retail marketing assets in Malaysia.
The deal comprises 44 ProJet branded retail service stations and 14 vacant land sites primarily in Kuala Lumpur, Selangor and the State of Johor in southern Malaysia.
“The ProJet acquisition is consistent with Shell’s strategy – More Upstream and Profitable Downstream – where investing in fast growing eastern markets is crucial to business success,” said Mohzani Wahab, Managing Director of Shell Malaysia Trading.
“Shell is the world’s largest fuels retail business with over 46,000 retail stations in more than 90 countries and Malaysia is a key growth market. These additional sites, which complement the 830 strong existing Shell Retail service stations, offer our customers quality fuels at convenient locations throughout Malaysia.”
“Shell’s priority now is to work with staff, customers and other stakeholders to ensure a smooth transition of this deal and grow the business,” says Mohzani.
The acquisition is subject to regulatory approval, and completion is expected to be in the second half of 2007. After completion the ProJeT stations will progressively be rebranded to Shell within 6 months.
ConocoPhillips’ divestment of its interest in ProJet follows a review of its global downstream strategy. The company remains a major investor in Malaysia’s oil industry through its share in the Melaka II refinery, and exploration and production activities in Malaysia.
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