Shell has completed the sale to St1 Nordic Oy of Smart Fuel AS, Shell’s retail, commercial fuels and supply & distribution logistics businesses in Norway. The Shell brand will continue to be highly visible in Norway through a retail brand licence agreement, and Shell fuels and lubricants will continue to be sold at the 404 retail sites which will transfer to St1’s ownership. Additionally, Shell and St1 have joined forces to create Aviation Fuelling Services Norway AS, a joint venture to sell aviation fuel in Norway.
The completion follows the announcement of a sales agreement in December 2014 and approval from the Norwegian competition authority. The sale is consistent with Shell’s strategy to concentrate its downstream footprint on assets and markets where it can be most competitive. The sale price has not been disclosed for reasons of commercial confidentiality.
Norway remains an important country for Shell, which is committed to a long-term presence there. Shell’s other businesses in Norway – lubricants, Shell Energy Europe, Gasnor and upstream – will continue to operate as before.
Source: Royal Dutch Shell plc
Date: Oct 1, 2015