Shell insisted today that Egypt remains an ‘important company’ despite confirming it had reached an agreement with Total to sell its downstream assets in the country.
The oil giant will transfer its retail and commerical fuels operations in Egypt, although the company’s lubricants business is not a part of the deal.
The deal, which is not set to be completed for several months, is for an undisclosed fee. Staff not involved in the lubricant side of operations in the north African country will transfer to Total.
But Shell said in a statement the move would not impact their upstream business in Egypt, which remained a ‘meaningful and long-term operation’.
It comes after the sale of a number of downstream businesses in Scandinavia and refineries in the UK and Germany.
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