Royal Dutch Shell agreed to sell its Norway based retail fuel, commercial fuel and its supply and distribution logistics businesses Thursday to Finland based energy company ST1 for an undisclosed amount.
As part of the deal, Shell’s aviation business in Norway will become a 50-50 joint venture with ST1.
The transaction includes a retail brand licence agreement that will ensure Shell’s brand remains “highly visible” in Norway, Shell said.
The deal will have no impact on Shell’s other businesses in Norway.
Shell Energy Europe, Gasnor and Upstream and Shell lubricants will continue to be sold through a macro distributor.
“The sale is consistent with Shell’s strategy to concentrate its downstream footprint on a smaller number of assets and markets where it can be most competitive,” Shell said.
The sale is subject to regulatory approval and is expected to be completed in 2015.