Shell will sell French petroleum gas to DCC Energy for approximately 464 million euros ($519 million). Shell has disposed of more than $2 billion in assets in 2015.
The transaction will enable DCC to obtain a quarter of the liquefied petroleum gas market in France and will also become the third largest fuel distributor in Europe. Shell will withdraw from the global liquefied petroleum gas business, focusing on refining and small-scale fuel marketing business.
Shell Chief Executive Ben Van Beurden accelerated asset sales and cuts investment to deal with falling oil prices. The company has already sold Nigerian oil fields, sold a $6.5 billion chemical plant in Qatar, and shelved the Australian liquefied natural gas project. January Shell said investment will be cut by $15 billion over the next three years and will reduce exploration activities.
The transaction is expected to be completed in 2015. Shell will also continue to operate in France's aviation fuel and lubricants business.
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