Oil major Shell said it has reached an $80million deal with Dansk Olieselskab for the sale of its assets in Denmark.
The company’s operations in the region consists of the 70 thousand barrels of oil per day producing Fredericia refinery as well as local trading and supply activities.
The transaction also includes long-term agreements for the supply of crude oil and feedstocks to the refinery.
Shell currently employs 240 people in Denmark.
In a statement Shell said it would remai employed by the company as it transfers to new ownership.
The sale is expected to complete in 2017, subject to regulatory approval.
The move is part of wider plans by Shell to concentrate its downstream operations on areas where it can be “most competitive” and follows the sale of Shell’s marketing business to Couche-tard earlier this year.