Royal Dutch Shell said Monday it will sell its Butagaz Liquid Petroleum Gas (LPG) business in France to UK-based DCC Energy for $529 million.
Shell said it has received a binding offer for the business.
DCC Energy has been granted exclusivity while Shell consults with the staff councils at Butagaz and Shell France.
The transaction is still subject to regulatory approvals following the consultations.
Shell said it expects the deal to be completed sometime this year.
“The transaction 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, and is part of an on-going exit from the LPG business globally,” Shell said.
All other Shell businesses in France – Aviation, Commercial Fleet, Lubricants, Retail and Specialties – will continue to operate as before.