Shell completed the sale of the first phase of its Hong Kong and Macau Liquefied Petroleum Gas (LPG) marketing business to DCC LPG, a leading international sales, marketing and support services group, on Dec. 31, 2017, the company announced on Wednesday.
According to the press release, the company will continue to operate the LPG plant in Hong Kong, which is part of the second phase of the transaction, which is subject to conditions including regulatory approvals.
DCC operates in 13 countries across four focused divisions including LPG, Retail and Oil, Technology and Healthcare.
The company generated operating profits of £345 million and £12.2 billion in revenue in the year to Mar. 31, 2017.
The sale of Shell’s entire LPG business in Hong Kong and Macau was announced on 5 April 2017 for an agreed total transaction value of approximately $150 million, the press release said.
As part of the sale, Shell-branded LPG products will continue to be available in Hong Kong and Macau via a long-term brand license agreement with DCC LPG, according to the press release.
The sale does not impact any of Shell’s other businesses and the company remains committed to helping meet growing energy demand in Hong Kong and Macau, the company said in the press release.
By Muhsin Baris Tiryakioglu
Anadolu Agency
energy@aa.com.tr