Royal Dutch Shell said it will sell its Australian downstream business to oil trading firm Vitol for $2.6 billionn.
Shell’s refinery in Geelong, 870 service stations, its bulk fuels business, and chemicals unit, and part of its lubricants business are included in the transaction announced during the weekend.
Shell last month said profits for the fourth calendar quarter were $2.9 billion, down from $5.6 billion for the same period a year ago.
The deal is expected to close during 2014.
Shell said its aviation business isn’t part of the transaction.
Shell has recently sold refinery assets in the UK, Germany, France, Norway and the Czech Republic.
And it divested other downstream businesses in Egypt, Spain, Greece, Finland and Sweden.