Shell has raised about $1.4billion through the sale of a 31.2% stake in refiner Showa Shell Sekiyu.
Japan’s Idemitsu Kosan has agreed to buy the stake.
The deal will go through once it receives approval from the Japan Fair Trade Commission.
John Abbott, Shell downstream director, said: “Shell has enjoyed a long and valuable partnership with Showa Shell since the year 1900.
“I would like to thank CEO Tsuyoshi Kameoka, the management and the board of directors for their leadership and support, as well as those leaders who have preceded them over the last century.
“I wish the company success and look forward to seeing the commercial linkages and a new relationship between our two companies over the coming years.”
Shell said its upstream, integrated gas, chemicals and trading businesses would not be affected by the sale.