Royal Dutch Shell to sell Argentina unit for $950m

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Royal Dutch Shell announced agreeing to sell its downstream business in Argentina to Raízen for $950 million.

The sale includes the Dutch oil firm’s refinery in Buenos Aires, around 645 retail stations, as well as its supply and distribution activities across Argentina and other businesses.

“We plan to continue thriving in Argentina’s downstream market through Raízen,” John Abbott, Shell’s downstream director, stated, noting that its JV has already delivered “significant value” for the mother company in Brazil.

The sale comes as part of Shell’s strategy to simplify its portfolio through a $30 billion divestment programme.

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How far along have they got so far with the $30 billion divestments?

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