
ROYAL DUTCH SHELL WITHDRAWAL FROM GREECE
From a royaldutchshellplc.com contributor…
Responding to the comment that RDS is withdrawing from downstream, as evidenced by the withdrawal from Greece.
The Greece assets were acquired in 2000 in a swap with parts of the UK portfolio such as a terminal and unwanted (tail) stations, the real driver for the deal was a local management desire for increased scale and to get a seat at the table in the then SEOP organisation. the internal justification process 501/502 as it was then known was flawed in that the economics of the deal were questionable and the proposals put forward did not add up properly. There was a significant mistake in the analysis which omitted the actual opportunity cost of losing the UK assets. read more
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