SHELL completes exit from Greek retail arena

Following approval from the Hellenic Competition Commission on 11 June 2010, the EUR245.6 million (USD333 million) transaction involves Shell’s retail, commercial fuels, bitumen, chemicals, supply and distribution, and liquefied petroleum gas businesses, as well as a lubricants oil blending plant.

With both companies due to co-operate on several levels going forward, the agreement includes the creation of a marketing joint venture between Shell and Motor Oil Hellas for the trade of aviation fuels under the company name Shell & MOH Aviation Fuels. The Shell retail network of around 700 retail stations, as well as the new aviation joint venture, will retain the Shell brand and products through trademark licensing agreements.

With the completion of the deal, Shell Hellas A.E. will be re-named Coral A.E. Shell Downstream Director Mark Williams said: “The decision to sell our downstream businesses in Greece follows a comprehensive strategic review. It fits with our drive to simplify our global downstream portfolio and concentrate on larger, integrated assets in growth markets.”