Shell in refinery sale talks

City A.M. Reporter
ROYAL Dutch Shell is in exclusive talks with Finnish fuel distributor St1 to sell the oil major’s Swedish refinery, both companies said yesterday.

If the companies reach an agreement, it would be the second European refinery deal for Shell in a short period, following the sale of its German refinery in late August. Both of them are relatively small plants that supply local markets.

“Shell and St1 have entered into exclusive negotiations for the potential sale of Shell’s downstream businesses in Finland and Sweden to St1,” Shell said in a statement. A Shell spokesman said the talks included the Gothenburg refinery.

Mika Anttonen, St1 board chairman added: “We are negotiating with Shell.”Neither Shell nor St1 specified the value of the deal or any further details.