Business

Shell to sell 51 percent stake in Malaysian refinery for $66.3 million

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Linus Unah – Fourth Estate Contributor

The Hague, Netherlands (4E) – Royal Dutch Shell Thursday announced that it has completed the sell of its 51 percent stake in its Malaysian subsidiary to Malaysia Hengyuan International Limited for $66.3 million.

The deal includes the 125,000 barrel per day refinery in Port Dickson.

According to the news release posted on the company’s website, shell is the leading retail fuels and lubricants provider in Malaysia.

Shell said it would maintain supply to its retail and commercial customers.

The company also added that it would honour all current commercial arrangements through existing supply agreements in the country.

This divestment is part of the company’s strategy to concentrate its global downstream operations in areas where it can be most competitive.

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