Shell agrees $80 million sale of remaining Danish downstream business

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LONDON: Royal Dutch Shell has agreed an $80 million (60.62 million pounds) sale of its remaining Danish downstream business, including its Fredericia refinery, to Denmark’s Dansk Olieselskab, the company said on Thursday.

Shell, which wants to sell $30 billion (22.73 billion pounds) worth of assets, will continue a long-term agreement to provide crude oil and feedstocks to the 70,000 barrel-a-day refinery and to offtake some of its products, it said.

The transaction, which completes Shell’s exit from Denmark’s downstream oil and gas market after the sale of its marketing business to Couche-Tard in May, includes Danish trading and supply activities and around 240 employees in total.

The deal is expected to complete next year.

Shell has to complete divestments of $6-8 billion this year to remain on track to reach its $30 billion target.