Shell completes Greek sale as Total seals Saudi finance
Shell's sale of its Greek downstream businesses has been agreed with Motor Oil (Hellas) Corinth Refineries S.A. and includes retail, blending, supply and distribution.
The deal is worth €245.6m ($304m) and will result in the creation of a new company - Coral A.E. The sale is part of Shell's ongoing restructuring and involves almost all of Shell's downstream businesses in the country including LPG, bitumen and chemicals. A joint venture between the two companies will also cover Shell's aviation fuels.
The new company will retain the Shell brand for its 700 retail outlets and aviation business, while LPG will operate under the name of Coral Gas S.A.
In the Middle East, Saudi Aramco Total, a jointly-owned subsidiary of the French Total Group and Saudi Aramco, has announced signatures on $8.5bn-worth of funding for its planned Jubail refinery in Saudi Arabia. The plant is set to start production of its 400,000 b/d output in 2013 and the latest funding arrangements are described as "an important step" in establishing the plant. Financial commitments of more than $13.5bn have been received by the corporation from a range of banks and export credit agencies.
