Shell (NYSE:RDS-A) (NYSE:RDS-B) has agreed to sell the majority of its refining and marketing businesses in Finland and Sweden to Keele Oy.
The terms of the transaction, which are subject to regulatory approvals, include Shell's retail business, including some 340 service station in Sweden and some 225 in Finland, as well as its commercial road transport (CRT) in both markets. All service stations together with the CRT business will remain Shell-branded in both markets under a licensing agreement.
Also included is Shell's 87,000-barrels-per-day Gothenburg Refinery, Shell's bulk fuels business in both markets and the Shell marine business in Sweden.
The businesses will be sold as going concerns and Shell will receive a total cash payment of US $640 million.