By Brian Swint – Apr 1, 2011 8:05 AM GMT+0100
Royal Dutch Shell Plc (RDSA) sold most of its fuel business in Chile to Quinenco for $614 million as it focuses on increasing global production.
The sale will cover Shells retail, commercial fuels, bitumen and chemicals businesses, the Hague-based company said in a statement today. The disposal is part of plans to operate in fewer and larger markets for the half of the business that brings fuel to consumers, it said.
Chief Executive Officer Peter Voser last month pledged $1 billion of extra cost cuts in refining and marketing as the company tries to accelerate output growth through 2014. Voser is targeting $5 billion in asset sales this year.