Posted on May 19, 2015 | By Jordan Blum
Shell agrees to sell its French LPG business
Royal Dutch Shell has agreed to sell its liquefied petroleum gas subsidiary in France for more about $520 million as the Dutch energy supermajor continues its efforts to sell off its LPG businesses worldwide.
Shell, which is increasingly focusing on oil and liquefied natural gas with its planned acquisition of BG Group, said it is in exclusive talks to sell its subsidiary, France-based Butagaz LPG, to Ireland-based DCC Group, which largely focuses on LPG distribution throughout Europe.
Shell said it has a binding offer of 464 euros, or roughly $520 million, and that the detail should be finalized this year.
“The transaction is consistent with Shell’s strategy to concentrate its downstream footprint on a smaller number of assets and markets where it can be most competitive, and is part of an ongoing exit from the LPG business globally,” Shell stated in its announcement.
Liquefied petroleum gases are byproducts of crude oil and natural gas processing, including such fuels as butane and propane.
Liquefied natural gas, mostly comprising methane, is natural gas chilled into a liquid to make it more suitable for transport or as a transportation fuel.
Shell said its other French businesses will continue to operate as before.
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